Research into treatments for diabetes, dementia and tropical diseases are getting a $103 million boost after MYEFO confirmed a key Coalition election commitment today.
Minister for Education Hon Christopher Pyne MP said the redirection of the funding will help researchers deliver outcomes that will have significant benefit to the nation through the Australian Research Council (ARC).
“Investing and supporting medical research is one of the best long-term investments in health that a government can make,” Mr Pyne said.
“This announcement is good news for research and good news for Australia.
“Diabetes and dementia in particular are among the biggest killers of Australians so we must continue to fight these looming public health challenges by bringing our brightest and best minds to bear.
“Medical research also has the power to significantly strengthen the economy and create thousands more jobs. It is estimated that every $1 spent on medical research produces $2.17 in health benefits to the Australian economy.”
Mr Pyne says MYEFO fulfils a Coalition election commitment by allocating $35 million over five years to Australian scientists and medical researchers looking for a cure for type 1 diabetes.
He said the funding will go to the Juvenile Diabetes Research Foundation Clinical Research Network to help find a cure for type 1 diabetes and also take a co-ordinated nationwide approach to diabetes research.
The remaining $68 million of the MYEFO decision will be redirected towards research in the fields of dementia and tropical diseases, delivering on another Coalition commitment.