medical research future fund presentation

Medical Research Future Fund has $20 billion to spend. Here’s how we prioritise who gets what

Professor of Statistics, Queensland University of Technology

Professor of Health Economics, University of Oxford

Disclosure statement

Adrian Barnett receives funding from the Medical Research Future Fund and the National Health and Medical Research Council. He is a member of the NHMRC Research Committee; this article represents his own views.

Philip Clarke receives funding from the Medical Research Future Fund via grants held at the University of Melbourne.

Queensland University of Technology provides funding as a member of The Conversation AU.

University of Oxford provides funding as a member of The Conversation UK.

View all partners

The Medical Research Future Fund (MRFF) is a A$20 billion fund to support Australian health and medical research. It was set up in 2015 to deliver practical benefits from medical research and innovation to as many Australians as possible.

Unlike the other research funding agencies, such the National Health and Medical Research Council (NHMRC), most of the MRFF funding is priority-driven. It seeks to fund research in particular areas or topics rather than using open calls when researchers propose their own ideas for funding.

As the Nine newspapers outlined this week, researchers have criticised the previous Coalition government’s allocation of MRFF funds. There is widespread consensus the former health minister had too much influence in the allocation of funds, and there was limited and sometimes no competition when funding was directly allocated to one research group.

The current Health Minister, Mark Butler, has instituted a review . So how should the big decisions about how to spend the MRFF be made in the future to maximise its value and achieve its aims?

Read more: Nobel laureate Brian Schmidt's big ideas for how Australia funds and uses research

Assess gaps in evidence

Research priorities for the MRFF are set by the Australian Medical Research Advisory Board , which widely consults with the research sector.

However, most researchers and institutions will simply argue more funding is needed for their own research. If the board seeks to satisfy such lobbying, it will produce fragmented funding that aligns poorly with the health needs of Australians.

A better approach would be to systematically assemble evidence about what is known and the key evidence gaps. Here, the board would benefit from what is known as a “ value of information ” framework for decision-making.

This framework systematically attempts to quantify the most valuable information that will reduce the uncertainty for health and medical decision-making. In other words, it would pinpoint which information we need to allow us to better make health and medical decisions.

There have been attempts to use this method in Australia to help inform how we prioritise hospital-based research. However, we now need to apply such an approach more broadly.

Read more: COVID has left Australia's biomedical research sector gasping for air

Seek public input

A structured framework for engaging with the public is also missing in Australia. The public’s perspective on research prioritisation has often been overlooked, but as the ultimate consumers of research, they need to be heard.

Research is a highly complex and specialised endeavour, so we can’t expect the public to create sensible priorities alone.

One approach used overseas has been developed by the James Lind Alliance , a group in the United Kingdom that combines the public’s views with researchers to create agreed-on priorities for research.

This is done using an intensive process of question setting and discussion. Priorities are checked for feasibility and novelty, so there is no funding for research that’s impossible or already done.

The priorities from the James Lind Alliance process can be surprising. The top priority in the area of irritable bowel syndrome , for example, is to discover if it’s one condition or many, while the second priority is to work on bowel urgency (a sudden urgent need to go to the toilet).

While such everyday questions can struggle to get funding in traditional systems that often focus on novelty, funding research in these two priority areas could lead to the most benefits for people with irritable bowel syndrome.

Consider our comparative advantages

Australia is a relatively small player globally. To date, the MRFF has allocated around $2.6 billion , just over 5% of what the United States allocates through the National Institute of Health funding in a single year .

A single research grant, even if it involves a few million dollars of funding, is unlikely to lead to a medical breakthrough. Instead, the MRFF should prioritise areas where Australia has a comparative advantage.

This could involve building on past success (such as the research that led to the HPV, or human papillomavirus, vaccine to prevent cervical cancer), or where Australian researchers can play a critical role globally.

However, there is an area where Australian researchers have an absolute advantage: using research to improve our own health system.

A prime example would be finding ways to improve dental care access in Australia. For example, a randomised trial of different ways of providing insurance and dental services, similar to the RAND Health Insurance Experiment conducted in the United States in the 1970s.

This could provide the evidence needed to design a sustainable dental scheme to complement Medicare. Now that is something the MRFF should consider as a funding priority.

Read more: Expensive dental care worsens inequality. Is it time for a Medicare-style 'Denticare' scheme?

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Research Funding

Medical research future fund.

The Medical Research Future Fund (MRFF) is a $20 billion vehicle for investment in health and medical research. It represents the single largest boost to research funding in Australia’s history. It supports research and innovation activities with the objective of improving the health and wellbeing of Australians.

The MRFF Initiatives team communicate MRFF funding opportunities and provide guidance and template documents, strategic application support and review, and eligibility and compliance checks.

The team assist with Chancellery sign off for letters of support and can coordinate support from other RIC divisions (including Business Development, Knowledge and Technology Transfer and Partnerships) in grant development. The team also facilitate acceptance of awards, negotiation and execution of agreements and variations and assists with managing reporting requirements.

All currently open schemes can be found  by clicking on 'Current Funding Opportunities' below. We also encourage you to check the MRFF Grant Opportunities Calendar which shows grant opportunities anticipated to open in the near future.

NEW: Funded rates of MRFF schemes between 2020-2022 (Appendix G)

The  MRFF Consumer Reference Panel has developed the  Principles for consumer involvement in research funded by the Medical Research Future Fund to encourage and support effective collaboration between consumers, researchers, research organisations and other health and medical research stakeholders.

• Current Funding Opportunities

View key dates as well as the links to our specific scheme pages for open MRFF grant opportunities

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More Information

• Find out more about the Medical Research Future Fund, how it works, who manages it, all awarded MRFF proposals and other MRFF-related resources on the Department's website  here .
• The Medical Research Future Fund Act 2015 sets out rules for the fund, including the establishment of the Australian Medical Research Advisory Board (AMRAB) and compels it to consult the public. AMRAB sets the strategy and priorities for the Medical Research Future Fund and consults the public regularly before updating these.
• AMRAB sets the Australian Medical Research and Innovation Strategy every 5 years. It takes into account Australia's health needs and areas that need greater investment. The current Strategy (2016-2021) can be found  here .
• AMRAB sets the Australian Medical Research and Innovation Priorities every 2 years. The current Priorities (2022-2024) can be found here .
• Find out more about consultations  here .

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Medical Research Future Fund

The Medical Research Future Fund (MRFF) was established on 26 August 2015 by the  Medical Research Future Fund Act 2015 (MRFF Act). It provides an ongoing funding stream for medical research and medical innovation into the future with the credits to the MRFF preserved in perpetuity. The capital of the MRFF is invested, with the earnings used to make grants of financial assistance for medical research and medical innovation over the long-term.

For information on the  Australian Medical Research and Innovation Strategy 2021-2026  and the accompanying  Australian Medical Research and Innovation Priorities 2022-2024 , and disbursements from the MRFF, refer to the  Department of Health and Age Care website .

Legislation

The MRFF Act gives effect to the following:

• the Advisory Board is tasked with determining the Australian Medical Research and Innovation Strategy and related Priorities to inform Government decision making on MRFF disbursements.
• Investment Mandate:  the  responsible Ministers  are required to issue an Investment Mandate (detailed below).
• Crediting amounts to the MRFF:  the responsible Ministers can make credits to the MRFF. For information on the credits, refer to the Transfers (Credits) to Medical Research Future Fund table below.
• Maximum Annual Distribution Amount (MADA) : The Future Fund Board of Guardians (Future Fund Board) determines a MADA for the MRFF each financial year (detailed below).
• Debiting amounts from the MRFF:  the Finance Minister, on request from the Minister for Health, will authorise disbursements (debits) from the MRFF, subject to the MADA. The Treasurer is responsible for payments to States and Territories.

Investment Mandate

The  responsible Ministers issued the  Medical Research Future Fund Investment Mandate Direction 2015  to the Future Fund Board on 8 November 2015. It requires the Future Fund Board to adopt a benchmark return of the “average return of at least the Reserve Bank of Australia Cash Rate target + 1.5 per cent to 2.0 per cent per annum, net of investment fees, over a rolling 10-year term”.

In targeting this benchmark return, the Future Fund Board must determine an acceptable but not excessive level of risk for the MRFF measured in terms such as the probability of losses in a particular year. In determining the level of risk, the Future Fund Board must take into account; the principle that the nominal value of the credits to the MRFF be preserved over the long- term; and the need to moderate the volatility of the maximum annual distribution.

• Medical Research Future Fund Investment Mandate Direction 2015      
• 2015 Explanatory Statement .

Maximum Annual Distribution Amount

The Maximum Annual Distribution Amount (MADA) is an independent determination that is made each year by the Future Fund Board. The determination specifies the amount that can be drawn from the MRFF each financial year for medical research and medical innovation grants. In issuing each MADA determination, the Future Fund Board is required under the MRFF Act to take into account the principles that the value of credits to the MRFF be preserved over the long term and the volatility in MADAs from one year to the next be moderated.

MADA Determinations

Investment performance and financials.

The Future Fund Board publicly discloses the MRFF asset allocation and investment returns in its  quarterly portfolio updates .

Financial performance since inception to 31 December 2023

Notes: 1. Data may not sum due to rounding. 2. Earnings are net of investment and administration fees incurred by the Future Fund Board. 3. This amount represents debits made for policy purposes under the relevant Act.

Quarterly performance result to 31 December 2023

Notes: 1. The quoted benchmark rate of return follows the relevant investment mandate direction. 2. Annualised return since inception on 22 September 2015, when the Fund received its initial credit.

Annual performance results

Notes: 1. The quoted benchmark rate of return follows the relevant investment mandate direction. 2. The Medical Research Future Fund investment commenced from 22 September 2015. 3. Closing balances are sourced from Finance’s annual financial statements.

Transfers (Credits) to Medical Research Future Fund

The following table provides a history of financial transfers to MRFF, with links to the associated documentation.

Annual Disbursements (Debits) from the Medical Research Future Fund

Notes: 1. Totals may not add due to rounding 2. As of 31 December 2023.

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MRFF – 2024 Dementia, Ageing and Aged Care Grant Opportunity (GO6795)

MRFF – Dementia, Ageing and Aged Care Mission - 2024 Dementia, Ageing and Aged Care Grant Opportunity

The Medical Research Future Fund (MRFF) – 2024 Dementia, Ageing and Aged Care Grant Opportunity will support medical research and medical innovation projects that: 

• people from Aboriginal and/or Torres Strait Islander communities 
• people from culturally and linguistically diverse backgrounds 
• people who live in rural or remote areas 
• people who are financially or socially disadvantaged 
• people who are veterans of the Australian Defence Force or an allied defence force, including the spouse, widow or widower of a veteran 
• people who are homeless or at risk of becoming homeless 
• people who are care leavers (including Forgotten Australians, Former Child Migrants and Stolen Generations) 
• parents separated from their children by forced adoption or removal 
• people from lesbian, gay, bisexual, trans/transgender, intersex and queer (LGBTIQ+) communities
• prisoners and ex-prisoners. 
• Stream 2 (Priority Area 3.1, Incubator): conduct small-scale development projects to develop innovative new approaches for providing optimal care for vulnerable people. 

The intended outcome of the research funded by this grant opportunity is to improve the health and wellbeing of Australians by: 

• Stream 1 (Priority Area 3.1, Targeted Call for Research): improving the equity of access to quality care for all older Australians 
• Stream 2 (Priority Area 3.1, Incubator): improving care for vulnerable people. 

This grant opportunity is being administered by NHMRC on behalf of the Australian Government Department of Health and Aged Care. 

Further information on the Medical Research Future Fund (MRFF) is available from the Department of Health and Aged Care’s MRFF website .  

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Medical Research Future Fund's Genomics Health Futures Mission - National Consultation on the Roadmap, Implementation Plan and Summary of Recommendations from the Scientific Strategy Committee Report

Closed 23 Apr 2021

Opened 14 Dec 2020

[email protected]

The Medical Research Future Fund’s (MRFF) Genomics Health Futures Mission (the Mission) was announced as part of the 2018-19 budget to provide $500 million for research to deliver better testing, diagnosis and treatment.

An Expert Advisory Committee was appointed in April 2019 to provide advice to the Minister for Health on the strategic priorities for research investment through the Mission.

As per the MRFF Mission Governance document , the Expert Advisory Committee is to provide their advice on priorities for research investment through the Mission by developing a Roadmap and Implementation Plan.

The Mission’s Roadmap is a high level strategic document that includes the aim, vision, goal and priorities for investment for the Mission. To support the Roadmap, the Implementation Plan outlines the priorities for investment (short, medium and long term), evaluation approaches and measures, supporting activities, and collaborative opportunities.

The Roadmap and Implementation Plan will be used by the Department to design and implement Mission investments via Grant Opportunities promoted through GrantConnect. 2020-21 investments through this Mission are available through www.grants.gov.au .

The consultation

The draft Roadmap and Implementation Plan have been reviewed by an international panel of experts in November 2020, who provided feedback and advice in the context of relevant activities occurring internationally.

The Expert Advisory Committee considered the input provided by the international panel and agreed to a number of minor changes to the Implementation Plan. No changes were recommended for, or made to, the Roadmap.

The report from the international review panel meeting is available below.

Why your views matter

This consultation is to seek feedback from the community on the Mission’s draft Roadmap and Implementation Plan. Both documents are available below.

As part of this consultation, two webinars were held on 16 March 2021 and 25 March 2021 to provide an opportunity for the community to gain a greater understanding of the purpose of the Roadmap and Implementation Plan and to ask any questions. During the webinars, a presentation was provided by the Chair of the Genomics Health Futures Mission Expert Advisory Committee, Professor Ian Frazer. A copy of the presentation can be accessed from the bottom of this page.

How to have your say

Consultation questions are provided to guide your submission.

How will we use your feedback

Submissions will be used to inform any further development of the Roadmap and Implementation Plan by the Expert Advisory Committee.

• MRFF Mission Governance 155.3 KB (PDF document)
• MRFF GHFM - Public Consultation - Roadmap 158.4 KB (PDF document)
• MRFF GHFM - Public Consultation - Implementation Plan 431.1 KB (PDF document)
• MRFF GHFM - Public Consultation - Summary of Scientific Strategy Committee Recommendations 242.3 KB (PDF document)
• MRFF GHFM - Public Consultation - International Review Report 181.8 KB (PDF document)
• MRFF Monitoring Evaluation and Learning Strategy 2020-21 to 2023-24 422.8 KB (PDF document)
• MRFF GHFM Presentation - National Consultation Webinar 971.5 KB (Office Powerpoint 2007 XML presentation)
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