Press Conference on Asbestos Victims Compensation: Julia Gillard & David Bradbury
Today with David Bradbury I’m here to announce that the Commonwealth has signed off a loan agreement with New South Wales for up $160 million. This money will be directed with matching New South Wales Government contributions as necessary into the Asbestos Injuries Compensation Fund. This was the fund set up in 2005 to be the source of money to deal with asbestos-related claims for victims of James Hardie.
People would recall the debates at the time; that we wanted to ensure that victims had certainty; that they would be able to make their claims and there would be a source of funds for those claims.
Now, in making this loan available to the Government of New South Wales to be drawn into the fund with matching contributions from New South Wales, we are giving certainty to James Hardie asbestos victims that there are funds available to meet their claims.
Now, this in no way overrides the moral or legal obligation of James Hardie to continue to make contributions into the fund, but the profitability of James Hardie has been affected by the global financial crisis and that has affected its ability to make contributions into the fund in recent times.
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