$20 billion Medical Research Future Fund could cure our most feared illnesses
THEY’RE our most feared illnesses - cancer, Alzheimers and heart disease. Now Joe Hockey wants your cash to find a cure.
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AN Australian cure for cancer, Alzheimers or heart disease: That’s Joe Hockey’s big dream as he tries to sweeten unplatable hikes to medical costs for Joe Public.
Savings totalling $20 billion will create a Medical Research Future Fund which will dwarf the Bill and Melinda Gates Foundation and be the biggest endowment fund of its kind in the world.
While only interest from the fund would be used for research, Treasurer Joe Hockey offered the the tantalising prospect it might produce a cure for cancer.
“It may be an Australian who discovers better treatments and even cures for dementia, Alzheimer’s, heart disease or cancer,” he said.
“If we start investing now, this new and historic commitment in medical research may well save your life, or that of your parents, or your child,” he said.
The government is fighting to quell consumer anger over fears the charges will add hundreds of dollars a year to medical costs.
While the fund sounds impressively large, the interest it earns will be much more modest: Next year when the Government reaps more than $2 billion in savings from its health cuts and new charges, it will spend just $20 million extra on medical research.
By 2017-18, when the cumulative funds in the Medical Research Future Fund reach $11.9 billion, the Government will spend just $179 million a year more on medical research.
It will tip the magic $1bn mark in 2022-23, when it will double the government’s current direct medical research funding.
The National Health and Medical Research Council - which currently assesses submissions for government funding - will decide which scientists get the money from the fund.
The Future Fund Board of Guardians will manage the investment of the new $20 billion fund.
Originally published as $20 billion Medical Research Future Fund could cure our most feared illnesses
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