The Government has released further detail of its $250 million Biomedical Translation Fund.
MYEFO shows the Fund will be managed by a corporation with an expert Board, and with the Minister for Health and the Minister for Industry, Innovation and Science as joint shareholders.
The corporation will receive $250 million over two years, starting this year, to invest according to a mandate issued by the Government, with investments expected to be matched by private sector contributions.
While MYEFO confirmed that the Fund will be funded from the Medical Research Future Fund, the Government also confirmed it would cut its contribution to the endowment.
While the Government did not disclose the extent of the cut, it said the contributions would still be sufficient to ensure the MRFF reaches its $20 billion target by 2020.