AAMRI ANALYSIS
2022-2023 Federal Budget – what’s in it for medical research?
Read our summary below, or visit our website for AAMRI's full 2022-2023 Federal Budget Analysis.
The big news for the medical research sector was the release of the Government’s second Ten-Year Investment Plans for the MRFF (the first being released at the Budget three years ago). The updated plan outlines where the Government will invest the bulk of the MRFF over the next decade.
The overall MRFF balance is forecast to reach $23.1 billion by 2024-25, significantly higher than previous forecasts. This is being made possible by the MRFF taking on a more aggressive investment strategy (subject to passage of legislation in Parliament this week). It is hoped that this will allow the Government to increase funds available for medical research at future Budgets.
Sadly, there is no notable increase in funding for the NHMRC, with indexation arrangements forecast to be slightly higher than outlined last year. Investment through the ARC is set to increase, with new funding allocated to help enhance university-industry collaborations. By 2024-25 it is forecast that there will be $104 million of additional investment through the ARC each year compared to forecasts in the previous Budget.
In this election year Budget, there were a number of special initiatives of interest to the medical research sector which have been announced. The most notable of these is the $375 million allocated to a new WA Comprehensive Cancer Centre, $28 million to establish Genomics Australia, and in addition to this there are multiple smaller initiatives.
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