One of NHMRC's primary responsibilities is supporting the effective and rapid translation of research findings into health policy and practice.

Specific activities undertaken by NHMRC to support research translation include: NHMRC is, formally, a council consisting of the Commonwealth, state and territory chief medical officers, as well as persons with expertise in a variety of areas including: This Council advises the chief executive officer (CEO) and is supported by the Office of NHMRC.

Section 35 of the NHMRC Act 1992 allows the Minister for Health to establish Principal Committees to assist the council to carry out any of its functions.

Peer Review Panels are the most common type of working committee established by the CEO.

The Report also recommended that the Commonwealth should provide a fund in aid of research on health questions, and establish a Council to administer it.

In addition to its previous role advising the Commonwealth and states (but not territories, as these did not exist at that time) on public health questions, NHMRC was also able to provide advice on medical research, including advice to the Commonwealth on the expenditure of money on medical research.

In 1998, the Health and Medical Research Strategic Review committee, chaired by Mr Peter Wills AC, presented a report to the Australian Government (The Virtuous Cycle) which led to a significant increase in funding for the health and medical research sector through NHMRC.

As part of the 2014–15 Budget the Government announced the establishment of the $20 billion Medical Research Future Fund (MRFF).