The Federal Government has re-confirmed its commitment to the Medical Research Future Fund (MRFF) in its latest budget.
The announcement means the MRFF is on track to reach $20 billion by 2020-2021 with $61 million in earnings from the fund expected to be allocated to medical research and medical innovation in 2016-17, followed by a further $723 million in funding over the following three years.
This re-commitment is a highlight of the budget for the medical research sector. Olivia Newton-John Cancer Research Institute Scientific Director Professor Matthias Ernst endorsed the Government on its affirmed commitment to the MRFF, highlighting the importance of the MRFF to help underpin the ability of medical research in Australia to reach its full potential.
“I hope that this additional funding will reassure Australia’s medical researchers that the future of their work and the impact on the wider community will continue,” said Prof Ernst.
“Is it important for the medical research sector to be able to draw on the steadily increasing contribution of the MRFF to ensure that Australia remains competitive and can continue to attract the best and brightest researchers. This will help medical research in Australia to produce the discoveries and innovation needed to develop more of the breakthrough therapies that save the lives of patients with cancer.”
While ONJCRI applauds this re-commitment from the Government, the funding and support from our donors remains critical to the institutes ability to grow and to more effectively translate discoveries from the laboratory bench into the clinic and deliver lasting outcomes for patients with cancer.