$20b medical research fund a thought bubble?

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After all of the whining about waste and debt and business cases for spending programs, I mean, seriously, is this for real?

Health department officials only began work on the $20 billion Medical Research Future Fund in April, just weeks before it was announced in the budget.

…Interviewed on ABC TV on Monday night, Chief Scientist Ian Chubb revealed he had not been consulted about the fund before it was announced in the budget.

‘‘I didn’t have any role in it,’’ Professor Chubb said.

Professor Chubb said he did not know where the government had sought advice on the fund.

Treasury would not have any on-hand expertise for this. It would take many months of industry consulting, research, reports and discussion to produce a thorough business case. That has clearly not been done.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.