ACTU Secretary Greg Combet said:

“James Hardies proposal should be rejected.

“All James Hardie has told the Commission today is that it may be willing to contribute an additional undisclosed and capped sum to compensate Australian asbestos victims, but only if Australian Governments establish a statutory compensation scheme that cuts off the rights of asbestos victims to full compensation under existing laws.

“James Hardie has already attempted to implement one elaborate scheme to short change Australian asbestos victims, why on earth would anyone agree to let them now do it a second time.

“This is just another attempt by the company to limit its liabilities to Australian asbestos victims and deny them the full and proper compensation they are owed.

“On Tuesday this week James Hardie announced a 25% increase in first quarter profits and told investors the company expects to make $240 million this year. Then today they are stand up in the Special Commission of Inquiry and tell the Australian Government and the Australian people that they should let them off the hook over their responsibilities to Australian asbestos victims.

“They have got to be kidding.

“With current compensation requirements for Australian asbestos victims running at around $70 million a year, James Hardie is making more than enough money to provide full compensation to current and future asbestos victims as well as provide a return to shareholders.

“What unions, asbestos victims and the Australian community want from James Hardie is an unconditional commitment to fully fund all current and future asbestos claims relating to its products. Their proposal today falls far short of this and must be rejected.”

Asbestos related mesothelioma is expected to kill up to 18,000 Australians by 2020. In addition to this asbestos disease experts predict another 37,000 Australians could contract other asbestos related diseases and cancers.