Self-made multi-millionaire Cliver Berghofer has become a hero to the scientists at the Queensland Institute of Medical Research today, after he pledged $50 million to cancer research.
Mr Berghofer has already donated $10 million to the institute, and says it makes him feel good to give back.
The 78-year-old hopes the institute will be able to find a cure for cancer.More stories from Today Tonight
"I hope they can find things that can prolong peoples' lives. I'm 78 years of age now so I don't know how much longer I am going to live, but I would like to see them find a cure in my lifetime," Mr Berghofer said.
Professor Frank Gannon, head of the lab now renamed QIMR Berghofer, says Mr Berghofer's fund is already making a difference in the research for finding a cure for cancer.
"I have a shopping list of equipment we need to buy. I'm in discussion with various researchers that we would like to get here," Professor Gannon said.
"The funds will allow us to get the resources we need immediately."
In the past decade Mr Berghofer has donated around $50,000 each week to various charities.
This reporter is on Twitter @LeisaGoddard