Tuesday, December 14th, 2010
Australia has recently completed a $160 million loan to the state of New South Wales in order to help James Hardie Industries NV continue compensating asbestos victims. The biggest seller of home siding in the United States, James Hardie Industries has been unable to contribute to the asbestos fund due to the poor U.S. housing market.
According to Prime Minister Julia Gillard, New South Wales will contribute an equal amount of money to the Asbestos Injuries Compensation Fund each time the loan is drawn down. The interest on the loan to New South Wales, which is to be repaid by June 30, 2020, will be set at a rate equal to Australia’s cost of borrowing.
Gillard said, “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. We are giving certainty to James Hardie asbestos victims that there are funds available to meet their claims.”
Due to the extensive use of asbestos throughout the 20th century, Australia has one of the highest incidences of mesothelioma in the world. Malignant mesothelioma is a rare form of cancer almost exclusively caused by asbestos exposure.
While strict regulations on the use of asbestos have been in force for quite some time, Australian residents are still developing asbestos-related diseases because of the severe latency period associated with symptoms. Mesothelioma symptoms can take as long as 50 years to arise from the time of a person’s initial exposure to asbestos.
In other news, New South Wales recently introduced legislation to increase the lump sum payment to families of asbestos victims by as much as $65,000. Michael Daley, New South Wales Finance Minister, raised the compensation from $245,700 to $311,050.
Additional information on mesothelioma may be found through the Mesothelioma Center.
Source
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