The Western Australian Future Fund Amendment Bill has been introduced to the WA Parliament paving the way for hundreds of millions of dollars to be invested in health and medical research and innovation.
The Amendment Bill allows for interest from the WA Future Fund to be used to fund health and medical research and innovation in WA.
The $1.3 billion WA Future Fund currently earns approximately $40 million in annual interest. Funds committed to health research and innovation will ramp up gradually, with $52 million being committed over a three-year period between 2020-21 and 2022-23. Alongside existing State Government research funding, this will deliver a total of $126.6 million over the next four years and transform WA into a leader in health research and innovation.
Formation of the WA Future Health Research and Innovation Fund delivers on a McGowan Government election commitment, it will grow local jobs, retain WA’s brightest health researchers and innovators and attract more leading research projects and partnerships from around the world.
The funding boost will also ensure that WA does not lose potential innovation and commercialisation opportunities stemming from local research discoveries and innovative practices.
As stated by Health Minister Roger Cook:
“The Future Health Research and Innovation Fund will build a legacy for future generations, it will improve health outcomes for Western Australians and deliver new jobs and economic opportunities.
“Investment in health and medical research and innovation is essential to finding new cures, treatments and more effective ways of delivering care. Boosting health research and innovation locally will ensure we have the best skilled healthcare workers delivering the most cutting edge healthcare to Western Australian patients.
“The McGowan Government’s initiative will provide a secure source of funding that will also attract outside investment, diversify our economy and create jobs and long term growth for Western Australia.
“This is a new era for health research and innovation in this State, the funding will secure Western Australia’s position as a world leader in this emerging sector.”
