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Australian Government Coat of Arms

Budget | 2014-15

Budget 2014-15
Australian Government Coat of Arms, Budget 2014-15
  1. budget.gov.au
  2. 2014‑15
  3. Health
  4. Secure and growing funding for the long term

Secure and growing funding for the long term

Capital‑protected for decades to come

The Medical Research Future Fund's $20 billion of capital will be protected, meaning that the spending from the Fund will not exceed interest earnings. This will ensure a secure and ongoing funding stream.

The Government is closing the existing Health and Hospitals Fund (HHF) and reinvesting the $1 billion in remaining funds into the MRFF on 1 January 2015 to provide an immediate boost to the MRFF's capital. All existing commitments funded from the HHF will be honoured.

Responsible financial management

Investments in the MRFF will be managed by the Future Fund Board of Guardians.

This investment will help to ensure Australia can continue to advance world leading medical research projects, attract and retain first class researchers and ultimately deliver improved health and medical outcomes for all Australians.

The Fund's establishment will be subject to the passage of legislation for health savings in this Budget.

MRFF at a glance

Balance

  • $1.1 billion at inception
  • $20 billion in 2020 — the largest fund of its kind in the world

Capital‑protected into the future.

Distributions

  • $20 million in 2015‑16
  • $500 million in 2019‑20
  • Around $1 billion from 2022‑23 onwards

A permanent revenue stream dedicated to funding vital medical research.

Medical research funding increasing by around $1 billion from 2022‑23
This chart is a stacked bar chart showing existing NHMRC funding of around $850 million from 2015-16 to 17-18 and growing at 2.5 per cent per annum from 2018-19 to 2024-25 for illustrative purposes. The chart also shows additional funding from distributions from the MRRF growing steadily from $20 million in 2015-16 to more than $1 billion in 2024-25.