First money for medical research fund

The federal government has put the first $1 billion into the Medical Research Future Fund.

Laws to create the $20 billion fund - believed to be the world's largest of its kind - were introduced to parliament in May and passed in August.

A notice in the government gazette said an initial contribution of $1 billion from the uncommitted balance of the Health and Hospitals Fund had been put into the research fund.

The first $10 million in funding is expected to be distributed in 2015/16 and more than $400 million is estimated for distribution over the next four years.

The fund is being invested and managed by the Future Fund board of guardians.

An expert board will advise on the medical research strategy and priorities.