Senator the Hon. Mathias Cormann
Minister for Finance
Leader of the Government in the Senate
Senator for Western Australia
The Hon. Greg Hunt MP
Minister for Heath
Federal Member for Flinders
Date: Tuesday, 21 July 2020
The Morrison Government’s landmark Medical Research Future Fund (MRFF) has reached maturity at $20 billion – an unprecedented investment that will provide ongoing sustainable funding for ground breaking health and medical research.
The MRFF is an ongoing research fund announced by our Government in the 2014-15 budget. The target was to grow the MRFF to $20 billion through annual credits which are preserved in perpetuity.
The Government’s final credit of $3.2 billion will enable the MRFF to reach the historic $20 billion investment target just five years after the fund was established in 2015.
The capital of the MRFF is invested, with the earnings used to pay for important health and medical research projects, supporting Australia’s best and brightest health and medical researchers over the long term.
This investment is critical, particularly in light of the devastating impacts that the COVID-19 pandemic is having on so many Australians.
The MRFF is transforming health and medical research in this country. It will improve lives. It will save lives. At the same time, it will help build the economy, make Australia a global research destination, and make our health system more sustainable.
In the 2019–20 Budget, the Morrison Government announced a $5 billion, 10-year investment plan for the MRFF.
This plan continues our support for lifesaving research to develop new drugs, treatments, devices and cures. It gives researchers and industry certainty and direction, and reaffirms Australia’s reputation as a world leader in medical research.
Further information about the MRFF is available from the Department of Health website https://www.health.gov.au/initiatives-and-programs/medical-research-future-fund/about-the-mrff
Minister Cormann - Karen Wu - 0428 350 139
MInister Hunt - James Perrin - 0447 534 427