WA BUDGET: Medical research has received a substantial boost in the state budget, with the government allocating a further $52 million to its Future Health Research and Innovation Fund over three years.
Medical research has received a substantial boost in the state budget, with the government allocating a further $52 million to its Future Health Research and Innovation Fund over three years.
The state government already allocates about $18 million a year towards medical research.
Once legislation is passed, it will use annual interest from the $1.3 billion WA Future Fund to boost future investment in health and medical research and innovation.
It will start with an extra $11 million in 2020-21 followed by $18 million and $23 million in the following years.
The government said this would increase the calibre and capacity of projects undertaken locally, helping to retain local talent and attract overseas talent.
The extra funding is also expected to help Western Australian projects secure more competitive grants from funding bodies such as the National Health and Medical Research Council (NHMRC), and to leverage co-funding from other sources such as private industry and philanthropists.
The government said allocations from the fund will be made through a robust governance structure ensuring that high-quality, relevant initiatives are supported by the fund.
“We’re providing a secure source of funding to boost research capability and create jobs and opportunities for Western Australians,” premier Mark McGowan said.
“By establishing the Future Health Research and Innovation Fund, we will build a legacy for future generations - improving the future health and wellbeing of Western Australians and delivering new jobs and opportunities.”