It has been revealed that the James Hardie <a href=””>asbestos</a> compensation fund has been hit by the recession and the housing slump, making it difficult for victims to get their retribution payments in full due to a shortage of funds. The admission was made by trustees of the fund recently, leaving victims having to approach the government.<br>
According to reports the housing downturn has affected the fund significantly, leaving it around three hundred and fifty million dollars short for its compensation payouts. In accordance with the settlement victims will receive their payouts in instalments in the event of a financial shortfall.<br>
Advocacy groups are now asking Kevin Rudd and his administration for help. For example, on official said that James Hardie has had to pay one hundred and fifty three million dollars in taxes to the government, and that the government should consider deferring these taxes until there is improvement in economic conditions.<br>
Another official, Dallas Booth, CEO of Asbestos Injuries Compensation Fund, said: “We’re talking to the government and James Hardie about funding options. For example victims might be able to sign over their rights to the state government so that they get compensated in full until the fund can be replenished and then the state government can get their money back straight out of the fund.”

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