AAMRI welcomes $172.5 million top-up funding for medical research

AAMRI welcomes $172.5 million top-up funding for medical research

18th December, 2020

AAMRI welcomes $172.5 million top-up funding for medical research

Today’s announcement of $172.5 million in additional top-up funding for the Medical Research Future Fund (MRFF) will provide a welcome boost for the medical research sector.

Professor Jonathan Carapetis AM, President of the Association of Australian Medical Research Institutes (AAMRI) said the additional funding will provide new research opportunities for researchers and new hope for patients.

The MRFF is a $20 billion sovereign wealth fund that uses investment dividends to fund medical research.

The historic low interest rates have meant lower than expected returns, reducing funding available for medical research.

The Government has responded to this funding shortfall by providing an additional $172.5 million in new funding in 2021-22 to ensure critical research programs can still go ahead.

“Christmas really has come early, and vital medical research projects which are set to benefit the whole community will be able to go ahead as planned.” said Professor Carapetis.

“I am delighted to see the government moving quickly and strongly to bridge this funding gap and back Australia’s extraordinarily talented medical research sector.”

“We know from research conducted by KPMG that for every dollar invested in medical research nearly four dollars are returned in economic benefits, making medical research one of the best investments any government can make.”

Earlier this year the Government fulfilled its election pledge to fully capitalise the $20 billion MRFF by making the final payment of $3.2 billion into fund.

A steady stream of new medical research projects is now being be funded under a ten-year investment plan, with more than $310 million of new grant rounds opening earlier this week.

“Our researchers have been working around the clock since the onset of the pandemic developing vaccines and treatments, and providing the high-quality public health advice that has helped save tens of thousands of lives.”

“This news will be a welcome morale boost for the medical research sector after what has been a difficult year following the impact of COVID-19 pandemic.”

Media Contact: Peter Thomas, 0411 600 992, peter.thomas@aamri.org.au