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Medical Research Future Fund Act 2015
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Administered by
Department of Finance
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C2024C00314 (C09)
06 July 2024
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Part 1—Preliminary
1 Short title
2 Commencement
3 Object
4 Simplified outline of this Act
5 Definitions
6 Crown to be bound
7 Extension to external Territories
8 Extra territorial application
9 Alternative constitutional basis
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Part 2—Medical Research Future Fund
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Division 1—Introduction
10 Simplified outline of this Part
Division 2—Establishment of the Medical Research Future Fund and the Medical Research Future Fund Special Account
11 Establishment of the Medical Research Future Fund
12 Determination of amount of Medical Research Future Fund
13 Allocation of investments to the Medical Research Future Fund from the Health and Hospitals Fund
14 Establishment of the Medical Research Future Fund Special Account
Division 3—Credits of amounts to the Medical Research Future Fund Special Account
15 Credits of amounts
Division 4—Debits of amounts from the Medical Research Future Fund
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Subdivision A—Rules relating to debits from the Medical Research Future Fund Special Account
15A Health Minister may require the Finance Minister to debit amounts
16 Limitation on total annual debits from the Medical Research Future Fund Special Account
Subdivision B—Purposes
17 Purposes of the Medical Research Future Fund Special Account—main purposes
18 Purposes of the Medical Research Future Fund Special Account—purposes related exclusively to the investments etc. of the Medical Research Future Fund
19 Purposes of the Medical Research Future Fund Special Account—purposes not related exclusively to the Medical Research Future Fund
Subdivision C—Channelling State/Territory grants through Federation Reform Fund
20 Channelling State/Territory grants through the Federation Reform Fund
21 Debits from the Federation Reform Fund
22 Terms and conditions of grant to a State or Territory
Subdivision D—Channelling grants through the MRFF Health Special Account
23 Establishment of the MRFF Health Special Account
24 Purpose of the MRFF Health Special Account
25 Channelling grants through the MRFF Health Special Account
26 Debits from the MRFF Health Special Account
27 Terms and conditions of grant to a person other than a State
Subdivision E—Making payments directly to corporate Commonwealth entities
29 Making payments directly to corporate Commonwealth entities
30 Terms and conditions of grants to corporate Commonwealth entities
Subdivision F—Obligation to ensure sufficient money
31 Future Fund Board must ensure that there is sufficient money in the Medical Research Future Fund Special Account to cover authorised debits etc.
Division 5—Inter fund transfers
32 Transfers from the Medical Research Future Fund to the Future Fund
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Part 2A—Australian Medical Research Advisory Board
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Division 1—Simplified outline of this Part
32A Simplified outline of this Part
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Division 2—Establishment of Australian Medical Research Advisory Board and functions
32B Australian Medical Research Advisory Board
32C Functions of the Advisory Board
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Division 3—The Australian Medical Research and Innovation Strategy and Australian Medical Research and Innovation Priorities
32D The Australian Medical Research and Innovation Strategy
32E The Australian Medical Research and Innovation Priorities
32EA Consultation process before determining an Australian Medical Research and Innovation Strategy or Australian Medical Research and Innovation Priorities
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Division 4—Advisory Board members
32F Membership of the Advisory Board
32G Appointment of members
32H Remuneration and allowances
32J Leave of absence
32K Disclosure of interests
32L Other terms and conditions
32M Resignation
32N Termination
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Part 3—Maximum annual distributions
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Division 1—Introduction
33 Simplified outline of this Part
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Division 2—Maximum annual distributions
34 Maximum annual distributions
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Part 4—Investment of the Medical Research Future Fund
35 Simplified outline of this Part
36 Objects of investment of the Medical Research Future Fund
37 Investment of the Medical Research Future Fund
38 Management of investments of the Medical Research Future Fund
39 Medical Research Future Fund Investment Mandate
40 Obligation on Future Fund Board in performing investment functions
41 Limitation on Medical Research Future Fund Investment Mandate
42 Future Fund Board to be consulted on Medical Research Future Fund Investment Mandate
43 Compliance with Medical Research Future Fund Investment Mandate
44 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001
45 Borrowing
46 Medical Research Future Fund investment policies
47 Derivatives
48 Additional financial assets
49 Securities lending arrangements
50 Investment managers
51 Refund of franking credits
52 Realisation of non financial assets
53 Additional function of the Future Fund Board
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Part 5—Reporting obligations etc.
54 Simplified outline of this Part
55 Finance Minister may require Future Fund Board to prepare reports or give information
56 Keeping the responsible Ministers informed etc.
57 Finance Minister may give reports to other Ministers etc.
57A Health Minister to report to Parliament on financial assistance
58 Health Minister must publish information
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Part 6—Miscellaneous
59 Simplified outline of this Part
60 Delegation by the Finance Minister
61 Delegation by the Treasurer
61A Delegation by the Health Minister
62 Review of operation of Act
63 Rules
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
