Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Hansard source

I thank Senator Lindgren for an excellent question, which follows up on an excellent first speech yesterday. The Medical Research Future Fund, established by legislation passed in this place today, is a landmark coalition government initiative that will withstand the test of time. Once it is fully established, it will double our annual investment in medical research. It will ultimately provide about 1,000 million dollars per year in additional funding for medical research and medical innovation. It represents the single largest investment in medical research ever made in Australia.

The fund will provide a resource to support Australian scientists and researchers as they continue their life-changing work. It will provide health and hope for not only our fellow Australians but for people right around the world in need of essential answers, cures and treatment and that is why we have initiated this significant advance for the medical research community. This is not a cash splash or a pink batt scheme or an announcement without follow-through. It is an investment for the future of our people. This is yet another example of the coalition's modern nation building, following on from our policies for Northern Australia, agriculture, shipbuilding and infrastructure and the list goes on.

The Medical Research Future Fund represents an economically responsible plan to provide significant and sustainable funding to support the essential work of Australian world renowned medical researchers and scientists. This is true capacity and nation building. It will deliver better quality of life for not only the people of Australia but for people around the world. (Time expired)