Document ID: chunk:federal_register_of_legislation:C2024C00314:section:10
Version: federal_register_of_legislation:C2024C00314
Segment Type: section
Provision Reference: s 10
Character Range: 22721–24386

10  Simplified outline of this Part

      The Medical Research Future Fund consists of the Medical Research Future Fund Special Account and the investments of the Medical Research Future Fund. Initially, its investments are a portion of the investments of the Health and Hospitals Fund which was established under the repealed Nation‑building Funds Act 2008. Additional amounts may also be credited to the Medical Research Future Fund Special Account.
      The Medical Research Future Fund Special Account can be debited for 3 main purposes:
             (a) channelling grants to the Federation Reform Fund to make grants of financial assistance to States and Territories; and
             (b) channelling grants to the MRFF Health Special Account to make grants of financial assistance to certain bodies; and
             (c) making grants of financial assistance directly to corporate Commonwealth entities.
      Debits are made from the Medical Research Future Fund Special Account by the Finance Minister after being required to do so by the Health Minister. The Health Minister takes the Australian Medical Research and Innovation Priorities (which are determined by the Australian Medical Research Advisory Board under Part 2A) into account in making decisions about the financial assistance that is provided from the Medical Research Future Fund Special Account.
      The Medical Research Future Fund Special Account can also be debited in relation to costs and other obligations incurred by the Future Fund Board in managing the Fund.

Division 2—Establishment of the Medical Research Future Fund and the Medical Research Future Fund Special Account