Medical fund bill introduced to parliament

Treasurer Joe Hockey has introduced a bill to parliament's lower house setting up the medical research future fund.

The federal government has introduced legislation to parliament setting up a medical research future fund.

Treasurer Joe Hockey described the $20 billion fund, which was to be funded by the abandoned GP co-payment and other health savings, as a "landmark" government initiative.

It would deliver enormous benefit to the health of all Australians and will be transformational for research professionals and the medical fraternity, he told the lower house on Wednesday.