Couples using IVF may be able to choose the gender of their babies and women could be financially compensated for donating their eggs in a radical reshaping of the ethical guidelines surrounding assisted reproductive technology.

The National Health and Medical Research Council is drafting new guidelines in response to a shift in community sentiment regarding IVF, which has seen many couples travel overseas to pursue fertility options not available in Australia.

Low cost competitors have hit Virtus hard.

It has opened its consultation draft to public comment and is specifically seeking feedback on sex selection for non-medical purposes, compensating women for the effort and risks associated with donating their eggs and the establishment of an Australian egg donor bank.

The NHMRC's Australian Health Ethics Committee chair Ian Olver​ said it was already possible for people to choose the sex of their babies when there was a risk of genetic abnormalities and it was time to question whether it should be allowed for non-medical reasons such as family balancing.