The reported short-term efficacy of the Moderna vaccine is very encouraging - over 94 per cent, and 100 per cent against severe disease. This, and the Pfizer vaccine, show that mRNA vaccines are feasible, and this represents breakthrough technology a long time in the making, which has emerged against the odds and with major setbacks in decades past. We do need to see the peer-reviewed publication of the phase 3 trial, and be mindful that the longer-term efficacy is unknown. Current trials are only reporting efficacy at three months or so. We need to know the duration of immunity over one to five years, and that data will take time to accrue. For Australia, it is unlikely this vaccine will be among the first, as the company has made commitments to supply the US, and we do not have an agreement with Moderna. However, the bigger picture is that there is an excellent prospect for an exit strategy with efficacious vaccines.