MEDICAL FUND REACHES $20 BILLION TARGET
Member for Riverina and Deputy Prime Minister Michael McCormack has welcomed the Federal Government’s landmark Medical Research Future Fund (MRFF) reaching maturity at $20 billion.
The MRFF is an ongoing research fund announced by the 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.
“This amazing milestone has been reached because of the Government’s responsible financial management, which has also allowed for the funding of many medications through the Pharmaceutical Benefits Scheme,” Mr McCormack said.
“Hundreds, if not thousands, of Riverina and Central West residents are receiving life-changing treatments and medications added to the PBS in recent years, such as Orkambi for cystic fibrosis.”
Mr McCormack said the MRFF was an unprecedented investment which would provide ongoing sustainable funding for ground-breaking health and medical research.
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 Australia,” Mr McCormack said.
This plan continues the Government’s 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-themrff