The Academy has responded to the Senate Inquiry into the Investment Funds Legislation Amendment Bill 2021, providing feedback on the sections of the bill that affect operation of the Medical Research Future Fund. While supportive of the broad intentions to streamline fund operations, the Academy recommends that several risks are addressed to better protect health and medical research funding.
The Academy:
- Supports the proposed changes to lengthen the Australian Medical Research and Innovation Strategy and Priorities to 6-years and 3-years respectively
- Supports the intent to seek greater returns and generate additional funding for health and medical research and innovation.
- Recommends that the Medical Research Future Fund’s $20 billion endowment should be protected. The Bill should be amended to eliminate any amendments that remove this protection.
- Recommends the fixed minimum amount of $650 million in MRFF funding per year from the MRFF Special Account, which should be indexed, keeping the maximum annual amount flexible.
- Recommends that agreements relating to funding to state and territory governments from the MRFF should specify use only for medical research activities and projects.
Download the full Academy submission here.
AAHMS was asked to give evidence at a public hearing for this inquiry. Read more in the transcript of the hearing.
The Investment Funds Legislation Amendment Bill 2021 was introduced into the House of Representatives on 25 August 2021, and referred to the Senate Standing Committee for Finance and Public Administration Legislation to conduct this inquiry. The report will be handed down on 14 October 2021.