Research Australia Annual Report 2019-2020

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Annual Report




Chair foreword

Research Australia is the national alliance representing the entire health and medical research pipeline from the laboratory through to the patient and the marketplace.

As I look back on the past year and the challenges it has thrown, I am more convinced than ever of the strength of Australia’s world class health and medical researchers and the incredible potential this sector has to make a significant contribution to Australia’s future prosperity. In unprecedented numbers, health and medical researchers have rapidly pivoted their research to work on COVID-19, collaborating intensely and drawing on their networks to learn from local and international experience, adapting quickly and sharing the best ways to respond. After this year, there is no doubt in the value of health and medical research as a driver of a healthy population and healthy economy. Over our almost 20-year history, Research Australia has convened representatives from the entire pipeline, connecting everyone from researchers through to the patient and consumer. Research Australia has committed much of the last year to keeping the government, membership and public aware of the progress of our sector in real time.


This year marks the conclusion of Research Australia’s Collaborative Strategy which has guided our role in leading the health and medical research sector in Australia over the medium term. Research Australia will look to the lessons learned over the past three years, in particular 2020, to refresh our Collaborative Strategy in 2021. Although this year has provided new challenges, Research Australia has had a strong year driving HMR policy engagement, stepping up member engagement, and showcasing the remarkable work of our sector. Research Australia’s unified sector representation has strengthened our ability to influence the changes that we believe need to be implemented to support future growth and innovation. Research Australia has relentlessly advanced ways to ensure our broad membership is represented, achieving unprecedented engagement with our sector. I would like to thank our CEO and Managing Director, Nadia Levin, and her Research Australia team for their untiring efforts that have led us through this challenging year.

I also extend my sincere thanks to my fellow Board Directors whose support, perspectives and experience have proved invaluable yet again. I look forward to 2021 and Research Australia continuing to champion our impressive sector into a post-pandemic Australia.

Chris Chapman

Chairman, Research Australia



CEO foreword This year has been momentous for health and medical research and innovation both here in Australia and around the world. In this time of global health crisis, Australians and their governments have looked to the health and medical researcher community to guide the national response to the COVID-19 pandemic. This impressive response speaks volumes about Australia’s research capability and the vital role our sector plays in creating a healthier community and a sustainable knowledge-based economy. The massive mobilisation of health and medical researchers has been so broad because of previous investments in Australia’s research and innovation capacity. The COVID-19 pandemic is a stark reminder of how much Australians need this standing capacity in HMR – we are a critical national capability.

Although face masks and distancing have become common practice, and borders have been closed between nations and within, this has not stopped Research Australia’s strong year of close engagement with our membership. As the trusted voice of the entire HMR pipeline, we have provided amazing opportunities for our members to connect and influence sector stakeholders virtually through our regular focused events and Roundtables and newly established COVID-19 Parliamentary Briefings. This year Research Australia launched our COVID-19 report series capturing the incredible work of our sector, understanding the profound impact the pandemic is having on the research sector, and what that means for the future of Australia’s research capability. Our annual opinion poll Australia Speaks! conducted in June, shows Australians believe that as a nation our response has been timely and effective, and we appreciate the way our political leadership and the leaders in our scientific community have worked together. Australians are also supportive of technology and its relationship to our health with nearly 9 in 10 believing there is a role for technology in helping manage their health.


We have seen further disbursements from the Medical Research Future Fund (MRFF) and Frontiers Program, which Research Australia was pleased to have dreamt up with the Department of Health. The MRFF has reached its major milestone of full capitalisation at $20 billion in July 2020. This fund is an incredible gift to our sector and we must return its opportunity tenfold by ensuring we conduct research with the greatest possible impact and evaluated outcomes, research that is fully implementable and is implemented for the benefit of us all. Research Australia is delighted that this landmark investment will provide ongoing sustainable funding to support Australia’s standing capacity in HMR. Whilst Australia’s HMR sector has demonstrated its impressive capacity and collective strength the huge and necessary task of tackling the pandemic has come at a cost. Nearly 70% of health and medical researchers expect their research to be affected by COVID-19 beyond 2020 and nearly two thirds of medical researchers (62.5%) support a longer-term restructure of Australia’s health and medical research funding framework.

Imagining and preparing for the Australia we want in 50 years’ time has to happen today. Capturing and seizing the opportunities our sector offers will be the ongoing mission for Research Australia as we move into a COVID-normative and post pandemic Australia.

Nadia Levin

CEO & Managing Director Research Australia



Board of Directors With appreciation to our Chair and Board of Directors who are tireless in their advocacy for health and medical research. They represent the sector across the public and private sector. Thank you all for your contribution. Chris Chapman

Jenny Morawska

Chair since November 2016 President, International Institute of Communications Director since August 2016

Chief Executive Officer & Managing Director, The Morawska Group Director since November 2017

Peter Wills AC

Dr Andrew Nash

Nadia Levin

Professor Dawn Freshwater

Deputy Chair Director, Wills Advisory Pty Ltd Director since 2000

Chief Executive Officer & Managing Director, Research Australia Director since January 2016

Senior Vice President – Research, CSL Limited Director since November 2013

Vice-Chancellor, The University of Western Australia Director since August 2019

Professor Melissa Little Professor Mary Foley AM

Managing Director, Telstra Health Director since August 2017

Theme Director of Cell Biology, Murdoch Children’s Research Institute Director since August 2019

Assoc. Prof Annette Schmiede

Professor Shitij Kapur

Assoc. Prof Greg Kaplan

Professor Ian Jacobs

Former Executive Leader, Bupa Health Foundation Director since May 2015

Chief Operating Officer, Ingham Institute Director since November 2014

Professor Nicholas Fisk Deputy Vice-Chancellor (Research), UNSW Sydney Director since December 2015

Chairperson, The Committee of the Deans of Medicine of the Group of Eight (Australia) Director since February 2020

President & Vice-Chancellor, University of NSW Director since March 2016 – term ended in August 2019

A special thank you to Professor Ian Jacobs for his years of tenure and huge contribution to the work Research Australia has been doing. He has supported the organisation for many years and became a Board Director in 2016. As we always say at Research Australia, you may have retired from the Board, but you remain in the family.



A Collaborative Strategy The 2019-2020 financial year saw the continued implementation of our Collaborative Strategy. Built upon over 200 points of consultation with our members, the Strategy focuses Research Australia around three key strategic objectives: ◆ ◆ ◆

Data as a national resource Embedding research in Australia’s health system Smarter investment in health and medical research

This sharper focus has enabled us to deliver for our members and act as an expert, impartial adviser to governments and policymakers across Australia. This year marks the final year of our Collaborative Strategy which has guided Research Australia’s medium-term objectives. Over the past three years our member acquisition, event forums and policy work have been aligned under this Collaborative Strategy and Research Australia will look to the lessons learned over these years, in particular 2020, to refresh our Collaborative Strategy in 2021. Under our Data objective, we have built greater awareness of the challenges Australian researchers face in accessing health data for research purposes through: ◆ ◆

Our work on the Data Sharing and Release Legislative Reforms. Convening Research Australia members to brief the Minister of Communications the Hon Paul Fletcher, on the role of health data in the fight against COVID-19. Engagement forums such as the Telstra Health Data Event which explored the role of digital technology in a changing health system.

In the context of our Smarter Investment objective, we continue advocating for the foundational funding of Australian health and medical research: the ARC, the NHMRC, the Medical Research Future Fund and the Biomedical Translational Fund. All four funding sources are important in maintaining the ecosystem of Australian health and medical research and we look to maximise investment through these streams. For example, it became apparent to us that with the right Government investment, Australia has the opportunity to lead markets and create new markets in the kinds of cutting-edge, frontier investments in health and medical research which will transform how healthcare is delivered to future generations. This financial year saw the Government’s capital injection of $7.8 billion to the Medical Research Future Fund (MRFF) which put it on track to reach full capitalisation of $20 billion in July 2020. Embedding research in Australia’s health system is how we ensure Australians have access to the best, evidence-based healthcare in the world. This is an area of increasing focus for Research Australia and its members, as consumers become more vocal in demanding advanced treatments and escalating health costs push governments to run smarter, more efficient health systems – these are shifts, cultural and otherwise, that Research Australia embraces wholeheartedly.

A Collaborative Strategy


Our vision

Our mission

Research Australia envisions a world

To use our unique convening power to

where Australia unlocks the full

position health and medical research

potential of its world-leading health

as a significant driver of a healthy

and medical research sector to deliver

population and contributor to a

the best possible healthcare and

healthy economy.

global leadership in health innovation.

Our goals Connect researchers, funders and

Influence government

consumers to increase investment in

policies that support

health and medical research from all

effective health and


medical research and

Engage Australia in a conversation about the health benefits and economic value of its investment in health and medical research.

its routine translation into evidence-based practices and better health outcomes.



A Collaborative Strategy – Priority Projects At any given time, we run a multitude of campaigns, policy projects and thought leadership programs. We are always open to hearing from organisations (members or otherwise) who are interested in partnering with us. Priority areas that look at key strategic objectives and actions and already underway include:




Data as a national resource

Embedding research in Australia’s health system

Smarter investment in health and medical research

Promoting the value of data as a national resource

Stronger links to enable faster uptake of evidencebased practice

Promoting the economic value of HMR

Encouraging policy settings for shared, linked and secure data Educating consumers on how wellbeing can be advanced with technology

Policies and incentives required to support better integration of clinical care with HMR

Advocating for better alignment of existing HMR funding Championing commercialisation



INSPIRE INSPIRE is Research Australia’s online publication showcasing its members’ research, innovation and leadership. To view visit

17 2020 | 0

2020 | 01 6



Better system s for kids with mental health problems

Finding the silver lining ic in a pandem Helping Australiansod survive blo cancer

How the first nine months moulds the rest of your life

How useful are tracking apps in curbing COVID-19 infections?

Alcohol still the leading cause of har m among young people

2020 | 015

A PREVENTATIVE HEALTHCARE FO CUS Treating & Preventing Gestational Diabetes Mellitus Out with the old in predict cardiovascular ing and kidney disease New glaucoma test to prevent blindness

4 2019 | 01

2019 | 013

ROPY A PHILANTH SUE IS D SE U C FO The Role of in Philanthropye Rare Diseas Research Philanthropy & Government ient partner for patent self-managem program How cancer efited research bensity from genero of the QUT community

A CLINICAL TRIALS FOCUSED ISSUE Clinikids – a marriage of research and practice Consumers leading the way in clinical trials Women boosting women in STEM on Wikipedia

2019 | 01 2

Cracking news fro the Westmeam d Institute for Medical Research QIMR Berghofer, a step closer to safe bone marrow transplants Monash University painting a picture of health with algorithms

Leadership INSIGHTS overview This year saw the launch of our new series, “Leadership INSIGHTS on Health and Medical Research & Innovation”. In this series we share the insights of selected thought leaders from across the broad pipeline we proudly represent. Featuring opinion pieces from such esteemed leaders from our member organisations on varying current issues has been both fascinating and engaging.

Contributors ISSUE 01 Professor Briony Dow National Ageing Research Institute (NARI) ISSUE 03 Contributors Professor Pat McGory AO Executive Director, Orygen Youth Health Research Centre Michele Levine Chief Executive Officer, Roy Morgan Research Dr Andrew Weekes Medical Director, GSK

Dr Sean Hall Medlab Clinical Ltd Kerry Strydom Australian Cancer Research Foundation (ACRF) ISSUE 02 Professor Tony Cunningham AO Westmead Institute for Medical Research Mr Jeppe Theisen Novo Nordisk Oceania Professor Shitij Kapur The University of Melbourne ISSUE 03 Professor Pat McGory AO Executive Director, Orygen Youth Health Research Centre Michele Levine Chief Executive Officer, Roy Morgan Research Dr Andrew Weekes Medical Director, GSK




COVID-19 Activity The COVID-19 pandemic focused the nation’s attention on health and medical research like never before. Research Australia worked hard to ensure that governments and funders around the country understood not only the full extent of the research response to the pandemic, but the toll imposed by workplace lockdowns, loss of international student revenue and a mass pivoting of researchers away from their ‘business as usual’. COVID-19 Series: Report 1


How Australia’s health and medical research sec tor is responding


Our members have been truly inspiring, quickly shifting their day to day research and innovation activities and doing the heavy lifting to help Australia respond to the COVID-19 pandemic. They have been collaborating intensely and drawing on their networks to learn from local and international experience, adapting quickly and sharing the best ways to respond.

We have captured our sector’s response to COVID-19 with our first report compiling over 50 of our members’ overviews of more than 200 outgoing studies into COVID-19 nationally. COVID-19: How Australia’s health and medical research sector is responding can be found here. The extent of our members’ activities has included: research about delivering health care for treating COVID-19 patients, keeping health workers safe, understanding how the virus behaves, measures to keep us all in the community safe, finding new treatments for those with the virus that become really unwell and the mental health impacts of the shutdown. We are all incredibly proud of these efforts, including the outstanding activities to lead the development of vaccines to give us immunity, which is the path to return to more normal lives. In May 2020 we surveyed over 1200 health and medical researchers to understand the profound impact the pandemic is having on the research sector and what that means for the future of Australia’s research and ultimately all of us. Research Australia’s report compiling the responses from our sector was published after the end of the financial year.

• •

90% of medical researchers were supportive of the Australian Government’s response to the pandemic, overwhelmingly agreeing that the response has been both timely and effective. Nearly 70% of medical researchers expect their research to be affected by COVID-19 beyond 2020. Nearly half (47.4%) of those who expect to be affected anticipate they will be unable to complete current projects. More investigation is needed to understand the extent to which currently funded research programs may never be completed or may need to be restarted at a later date. Medical researchers experience high rates of job insecurity. A majority (54.5%) are employed on fixed term contracts, with this ratio higher for early and midcareer researchers. Across the broader Australian population only 5.2% of people with permanent employment were employed on fixed term contracts. Only 34.8% of researchers were not currently applying or about to apply for funding. Nearly two thirds of medical researchers (62.5%) support a longer-term restructure of Australia’s health and medical research funding framework.

Our work was featured in notable Australian news organisations, covering issues such as the COVIDSAFE app, the need to invest in health and medical research, and the scope of work our sector is engaged in to respond to COVID-19.



Our forums Research Australia forums are convened to unite the health and medical research sector on a common platform. They provide unique opportunities for members and key sector influencers to connect, enabling communication and collaboration.

ANNUAL HEALTH AND MEDICAL RESEARCH AWARDS In light of COVID-19 the Research Australia Board has made the decision to move the annual Awards gala dinner to late 2021. The new date will be announced early next year and the event will be held in Sydney at the Four Seasons Ballroom. We’re delighted to have received so many incredible nominations from the membership for this year’s Awards. All nominations have now been confirmed and thank you again

to all the nominators who acknowledge the importance of these prestigious Awards. The extended lead up to the event next year will enable us, our sponsors and the sector to broadly showcase the incredible Australian talent submitted. This dedicated publicity campaign will begin early in 2021 through a variety of channels such as our INSPIRE publication, national and community press, social media and via our website. In July we’ll be announcing the finalists and as per tradition the winners will be announced on the night of the gala dinner and Award ceremony.


HEALTH ECONOMICS ROUNDTABLE The Research Australia Health Economics Roundtable was established in 2017 as a forum for connecting health economists from within Research Australia’s membership with the broader research community and government. The group exists as a forum for collaboration, comment and research and was established to play a key and unique role in driving research-based evidence for health policy and program development. Research Australia partnered with the Melbourne Institute of Applied Economic and Social Research for the first Roundtable of the year. With the Health Economics Roundtable instrumental and an important reference group for the development of the MRFF Evaluation Framework, this Roundtable focused on the theme of evaluations and the role of health economics.

Speaker Professor Anthony Harris, Director, Centre of Health Economics, Monash University

The event included discussions on: • Building an internal evaluation capacity • The role of health economists in program evaluations • Australia’s health system and workforce and how to design more intelligent health systems in Australia The second Roundtable of the year was the first Research Australia event held virtually due to COVID-19. This Roundtable was centred around the aged care sector and the role of research and health economics in improving this system. The event included discussions on: • The need for economic evaluations of the aged care health system • The Royal Commission into Aged Care Quality and Safety and the role of health economists in this evaluation • The Government’s home care programs and packages for aged care • Aligning aged care with primary care

Health Economics Roundtable University of Melbourne 11 December 2019

Health Economics Roundtable online forum April 7.



Our forums UNIVERSITY RT The Research Australia University Roundtable continues to be a vibrant discussion forum, and an important source of input and advice to the Research Australia Board and to Research Australia’s policy positions on behalf of its constituents. 2020 has seen a focus on the impact on university research budgets of the loss of international students. The Roundtable continues to provide an opportunity for members to learn more about each other’s universities, and participation has remained strong, while becoming virtual in 2020.

Four Roundtables were held in the financial year: • 25 September 2019, hosted by the University of Western Sydney, with a focus on technology • 5 December 2019, hosted by the University of Canberra, featuring presentations by Professor Anne Kelso AO, CEO of the NHMRC and Ms Deb Anton, interim National Data Commissioner • 15 April 2020, via zoom, exploring the immediate impact of COVID-19 on university research, • 7 May 2020, via zoom, with presentations on funding bodies’ responses to the impact of COVID-19 on funded research projects (extensions but no additional funding)

University Roundtable University of Western Sydney, 25 September 2019 Left to right: Greg Mullins, Head of Policy, Research Australia, Nadia Levin, CEO & Managing Director, Research Australia, and Professor Barney Glover AO, Vice Chancellor and President, Western Sydney University


PARLIAMENTARY BRIEFINGS We have briefed over 100 Ministers, Parliamentary Secretaries, Shadow Ministers, Members of Parliament and Advisors at both the Federal and State levels of Government. The parliamentary briefings have discussed what Australia’s health and medical researchers are doing to fight COVID-19, the impacts they are feeling as a result of the pandemic and what this means for the future of Australia’s research.

• • • • • •

We would like to warmly thank the following speakers for their participation in our briefings (in alphabetical order):

• • • • • • • • • •

Ms Vivienne Browne, Associate Director, Government Relations and Policy, Orygen Dr Mike Catton, Deputy Director, Peter Doherty Institute for Infection and Immunity Dr Vin Cavalheri, Allied Health Research Director for the Faculty of Health Sciences, Curtin University Professor Enrico Colera, Director, Centre for Health Informatics, Australian Institute of Health Innovation Professor Brendan Crabb AC, Director and CEO, Burnet Institute Dr Craig Dalton, Conjoint Associate Professor, School of Medicine and Public Health, University of Queensland Professor Mary Foley AM, Managing Director, Telstra Health Professor Maher Gandhi, Executive Director and Director of Clinical Research, Mater Research Professor Pete Gething, Kerry Stokes AC Chair in Child Health, Telethon Kids Dr Hitesh Ghai, Senior Vaccines Medical Manager, GlaxoSmithKline Dr Stephanie Godrich, Senior Lecturer in Nutrition, School of Medical and Health Sciences, Edith Cowan University Professor Sharon Goldfeld, Head of Population Health and Director of the Centre of Community and Child Health, Murdoch Children’s Research Institute

• • • •

• • • • •

Professor Chris Goodnow, Executive Director, Garvan Institute of Medical Research Dr Rob Grenfell, Health Director, Health and Biosecurity, CSIRO Professor Russell Gruen, Dean, College of Health and Medicine, Australian National University Dr Cathy Kaplun, Research Fellow, Western Sydney University Professor Anthony Kelleher, Director, Kirby Institute UNSW Professor Peter Leedman, Director and Head of the Laboratory for Cancer Medicine, Harry Perkins Institute of Medical Research Professor Sharon Lewin AO, Director, Peter Doherty Institute for Infection and Immunity Professor Fabienne Mackay, Director and CEO, QIMR Berghofer Medical Research Institute Professor Nigel McMillan, Program Director, Menzies Health Institute, Griffith University Dr Andrew Nash, Senior Vice President, Research, CSL Limited Professor Kathryn North AC, Institute Director, Murdoch Children’s Research Institute Associate Professor Kirsten Perrett, CoGroup Leader Population Health, Murdoch Children’s Research Institute Professor Toby Richards, Head of the Department of Surgery, Faculty of Health and Medical Sciences, University of Western Australia Professor Tania Sorrell AM, Director, Marie Bashir Institute Mr Chris Stemple, Vice President and General Manager, AbbVie Professor Tom Walley, Institute Director, Hunter Medical Research Institute Professor Paul Young, Head of School of Chemistry and Molecular Biosciences, University of Queensland Associate Professor Meno Van Zelm, Laboratory Head, B cell differentiation, Monash University



Other events TELSTRA DATA EVENTS In partnership with Telstra Health, Research Australia delivered two events exploring the role of digital technology in a changing health system.

Telstra Data Event 30 January 2020

Nadia Levin, CEO & Managing Director, Research Australia

Both events, led by Nadia Levin and Telstra Health Managing Director Professor Mary Foley AM, explored digital health developments, health and medical research and their combined impact on the future sustainability of health systems.

Professor Mary Foley AM, Managing Director, Telstra Health

Left to right: Research Australia Deputy Chairman Peter Wills AC, Nadia Levin, and Professor Mary Foley AM


STEM CELLS FOR THE BRAIN – ARE WE LETTING AUSTRALIANS DOWN? Research Australia shared the stage at a community Forum on March 4 hosted by Cerebral Palsy Research Institute. Dr Karl Kruszelnicki was the MC and other speakers included the Institute’s Head, Professor Iona Novak, Matthew Kiernan from the Brain & Mind Centre, Dr Wendy Lipworth from Sydney Health Ethics and of course several consumers. Over 500 people registered for the event and had the opportunity to engage with the speakers and hear first-hand experiences.



Influence RESEARCH AUSTRALIA GOVERNMENT POLICY AND SUBMISSIONS Research Australia has made multiple submissions in the last financial year and all submissions reflect not only the advocacy work of Research Australia but importantly, the views and input of our members. The

details of these submissions can be viewed on Research Australia’s website. The table below outlines some of the policy work during the financial year but does not include the verbal submissions or responses by Research Australia representatives into the various enquiries or Senate hearings during the same period.

October 2019

Data Sharing Discussion Paper – Australian Government

February 2020

Productivity Commission Draft Report – Australian Government International Development Policy – Consultation Paper – Department of Foreign Affairs and Trade R&D Tax Incentive – Senate Inquiry

January 2020

March 2020 June 2020

Pre-Budget Submission – Treasury

Senate Select Committee on COVID-19 – Australian Government

RESEARCH AUSTRALIA PUBLIC OPINION POLL Research Australia has been seeking out the opinions of ordinary Australians’ on health and medical research and its role in our society since 2003. The outcomes from these polls have been widely read across and often quoted by Government to broad range of audiences. Each year a full report is produced with the key highlights from the consumer poll and these are distributed through various channels including Research Australia members, government departments and the public.

Here is a snapshot of some of those opinions captured in our 2020 Opinion Poll: • 87.5% of respondents ranking improving hospitals and the healthcare system the number 1 priority for Australian Government action. • Every year more funding for health and medical research has been recorded in the top 10 priorities for Government action. • More than 8 in 10 Australians reporting that the COVID-19 pandemic has raised the profile of health and medical researchers • 67.6% strongly agree Australia’s response to COVID-19 has been effective and 53.8% believe it has been timely. Over half (55.3%) of respondents have strongly agreed the Government’s response to the COVID-19 has relied on expert health and medical advice. • More than 7 in 10 reported having used technology at some stage to better manage their health, with more women and people aged under fifty having done so. Nearly 9 in 10 believe there is a role for technology in helping manage their health, and a similar proportion are willing to use technology in this way in the future.

Acknowledgements We thank our foundation members and current members for their ongoing loyalty and support. Their contribution and commitment to the alliance gives us the strength to fulfil our vision and mission. We are genuinely proud to represent each and every organisation in our membership. A special thanks to our two current Foundation Memberships Bupa Health Foundation and Telstra Health for their membership support, contributions as Board Directors and in their unfailing participation in the key activities of Research Australia. We also acknowledge the many members who have been loyal to Research Australia as their peak body for over 10 years. This ongoing loyalty shows their commitment to health and medical research is paramount to Research Australia’s work in representing the entire pipeline to ensure good policy supports good research.

If your organisation is not a member then now is the time to join the national alliance of the health and medical research sector. Request more information from the Research Australia team on 02 9295 8546 or Follow us on Twitter @ResAustralia

Like us on Facebook @ResearchAustralia

Follow us on Linkedin Research Australia




Financial summary Research Australia is financially sound and has met all its financial obligations. Its main source of income continues to be from membership and sponsorship. Statement of profit or loss and other comprehensive income for the year ended 30 June 2020 Note









Employee benefits expense




Depreciation and amortisation expense






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Net finance income



Income for the year







Marketing and events expense

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The statement of profit or loss and other comprehensive income is to be read in conjunction with the notes to the financial statements.

Statement of financial position as at 30 June 2020 Note ASSETS






CURRENT ASSETS Cash and cash equivalents




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EQUITY Retained earnings TOTAL EQUITY


The statement of financial position is to be read in conjunction with the notes to the financial statements. Research Australia Limited 384 Victoria St Darlinghurst NSW 2010 ABN 28 095 324 379