The Medical Research Future Fund (MRFF) has reached its target of US$20 billion after the federal government made its final credit of $3.5 billion.
The MRFF was established in 2015 as an endowment fund designed to support the development of medical research and development with around $1 billion in annual disbursements. It was funded through saving in other health programs.
"This investment is critical, particularly in light of the devastating impacts that the COVID-19 pandemic is having on so many Australians," said health minister Greg Hunt in a statement.
"The MRFF is transforming health and medical research in this country. It will improve lives. It will save lives. At the same time, it will help build the economy, make Australia a global research destination, and make our health system more sustainable.
"In the 2019–20 Budget, the Morrison Government announced a $5 billion, 10-year investment plan for the MRFF."
Mr Hunt said the plan includes support for research to develop new drugs, treatments and devices.
"It gives researchers and industry certainty and direction, and reaffirms Australia’s reputation as a world leader in medical research," he said.