Overview

The Medical Research Future Fund (Crediting of Amounts) Determination 2018, issued under the authority of the Treasurer and the Minister for Finance, represents an initiative to enhance the health and wellbeing of Australians through the establishment of the Medical Research Future Fund (MRFF). This determination was introduced to address the need for a secure, ongoing revenue stream to support medical research and innovation, as outlined in the Medical Research Future Fund Act 2015. Enacted by the Australian Parliament, the policy objective of the Act is to provide grants of financial assistance for medical research and innovation. The determination credits a specified amount of $2,288,550,000.00 to the MRFF Special Account on 10 July 2018, reflecting the estimated value of health function savings from the 2014-15 Budget, adjusted for subsequent policy decisions. This action is integral in supporting the overarching goal of improving Australians' health outcomes by ensuring the MRFF can continue to fund critical research initiatives.

Scope and Application

The Medical Research Future Fund (Crediting of Amounts) Determination 2018 is an instrument under the Medical Research Future Fund Act 2015, which is designed to credit a specified amount to the Medical Research Future Fund Special Account. This determination applies to the responsible Ministers, who have the authority under section 15(1)(a) of the Act to determine the crediting of amounts to the Medical Research Future Fund. The Act itself aims to improve the health and wellbeing of Australians by providing grants for medical research and innovation, and this determination supports that objective by ensuring a secure ongoing revenue stream for the Fund. The amount of $2,288,550,000.00 to be credited on 10 July 2018 aligns with current budget forecasts and is adjusted for subsequent policy decisions. This determination is a legislative instrument but does not require disallowance under the Legislation Act 2003. The consultation for this determination involved relevant government departments and agencies, ensuring that the transfer of funds from the Consolidated Revenue Fund to the MRFF Special Account was coordinated and agreed upon. Notably, the Office of Best Practice Regulation has determined that this proposal is unlikely to have a regulatory impact, and hence a Regulation Impact Statement was not required.

Key Provisions

The Medical Research Future Fund (Crediting of Amounts) Determination 2018, under Section 3, authorises the responsible Ministers to credit a specified amount of $2,288,550,000.00 to the Medical Research Future Fund (MRFF) Special Account on a specified date, 10 July 2018, as per Section 4. This crediting is in accordance with paragraph 15(1)(a) of the Medical Research Future Fund Act 2015 (the Act). The amount reflects current Budget forecasts and adjusted estimates of health function savings from the 2014-15 Budget, aligning with subsequent policy decisions. The determination imposes specific obligations on the responsible Ministers, requiring them to consider the object of the Act as stated in Section 3, which is to enhance the health and wellbeing of Australians by establishing the MRFF to support medical research and innovation. The Ministers must ensure that the crediting of amounts contributes to a secure and ongoing revenue stream for the MRFF. Additionally, the determination is designated as a legislative instrument under the Legislation Act 2003, although it is not subject to disallowance under section 42 of that Act. There are no explicit offences, penalties, or civil/criminal consequences stated within the text for breaches of the Medical Research Future Fund (Crediting of Amounts) Determination 2018. However, the nature of the determination and the legislative framework it operates within suggests that any failure to comply with its provisions could lead to broader legal or administrative repercussions, particularly if it impacts the intended purpose of the MRFF.