Australian Senate clears Medical Future Fund, sending it back to House for amendments

The Australian government’s A$20 billion ($14.64 billion) landmark Medical Research Future Fund bill has cleared the Senate, and the Abbott administration is claiming it will be the largest of its kind in the world.

It passed through with 20 amendments to the legislation, including tighter controls over how the money would be distributed. This means it must return to the House of Representatives for approval.

The fund will receive an initial contribution of A$1 billion from the currently uncommitted balance of the Health and Hospitals Fund and will eventually provide around A$1 billion per annum in additional funding for medical research and medical innovation. The rest of the contributions will come from the savings from the health portfolio of the 2014-2015 Budget which have already passed, or will pass through parliament in the future, until the balance reaches $20 billion.