It provides multimillion-dollar grants for high-end research equipment, technologies, and infrastructure development to support the work of Australian cancer scientists.

[1] Established in 1984 by businessman and philanthropist, the late Sir Peter Abeles AC.

[2] A Board of Trustees, composed of prominent and influential Australian business people, administers the organisation.

A Medical Research Advisory Committee (MRAC) assesses all grant applications and advises the ACRF Board of Trustees on which research institutes will have the highest impact in cancer prevention, diagnosis and/or treatment.

[citation needed] The current Chairman of the MRAC is Professor Ian Frazer, co-creator of the cervical cancer vaccine Gardasil.