STATEMENT ON FEDERAL BUDGET

The Centenary Institute has welcomed the Abbott Government’s renewed commitment to the Medical Research Future Fund, outlined in the Budget last night. This vital funding boost will ensure Australia remains at the forefront of cutting edge medical research, delivering the critical breakthroughs needed to understand disease and find cures.

The Centenary Institute’s Executive Director, Professor Mathew Vadas AO FAHMS, said this much needed funding comes at an opportune time and will ensure Australian medical research is sustainable into the future.

“At a time when we see new classes of effective therapies emerge from long term research efforts, this Fund will do much to ensure Australia continues to contribute strongly to the global effort and will be able to capture the economic benefits that ensue.” Professor Vadas said.

“At the Centenary Institute, we conduct life saving research in the areas of cancer, cardiovascular disease and inflammatory disease. This Fund will ensure the enthusiasm and persistence of our scientists and prevent the discouragement that can result from failure of funding.”

Professor Vadas commended the Abbott Government for its great vision and strong commitment to investing in the future of Australian medical research. “Australia now can proudly stand alongside nations that recognise the health and commercial benefits of medical research in the next decades,” he said.

“Australia is home to some of the world’s leading medical researchers. Every day we come closer to delivering new drugs, treatments and cures to some of the most chronic diseases affecting today’s society.

“This boost to research funding will not only ensure Australian medical research is sustainable, it will open the door to a vast array of opportunities – increasingly our capacity and allowing for new investment in resources and equipment.”

As outlined in last night’s Budget, the Medical Research Future Fund will be established by 1 August 2015 with an initial $3.4 billion. The fund will reach $20 billion by 2019-20.

More than $400 million is expected to be disbursed from the fund for medical research in the next four years. The Centenary Institute relies on the generous support of the Australian and NSW Governments, as well as the wider Australian community to fund its life saving research.

To find out how you can support the Centenary Institute visit www.supportcentenaryinstitute.org.au