The universities of Melbourne and Sydney will receive almost $3 million each to develop vaccines that could be shared globally.
The Federal Government will invest almost $6 million to support the development of three Australia-made COVID-19 vaccines.
Announced by Health Minister Greg Hunt this morning, the funding will help researchers develop and roll out vaccines made safe for clinical trials.
The University of Melbourne will receive almost $3 million for the development of two vaccines while the University of Sydney will receive almost $3 million for the development of one.
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Researchers at the University of Sydney are currently working on a clinical trial to test their vaccine, which can be administered using a needle-free system.
With the funding, researchers hope to enrol 150 healthy volunteers to test the viability of the DNA-based vaccine.
The two Melbourne University vaccines target what is known as a "spike protein", which maximises the production of antibodies that fight the virus.
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Mr Hunt said if successful, these vaccines could be deployed globally.
"Our Government continues to invest in medical research to supercharge the development of promising vaccines to save lives and protect lives," Mr Hunt said.
"The Government has invested more than $2 billion in COVID-19 research and development."
The Health Minister said developing a vaccine locally was of a "critical" nature to the government.
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"The rapid development of safe and effective COVID-19 vaccines is a critical Australian Government priority," Mr Hunt said.
"Under the competitive, peer reviewed COVID-19 Vaccine Candidate Research Grant Opportunity, funding will be allocated for the further development of three COVID-19 vaccines."
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Source: 9News https://www.9news.com.au/national/coronavirus-australia-6-million-funding-to-develop-local-covid-vaccine/f6fb809d-6fd7-4957-a324-e090283091e0