Australia has lent up to A$160 million to New South Wales state to provide potential compensation to asbestos victims amid concerns James Hardie Industries SE's (JHX.AU) ability to make payments will be hampered by a U.S. housing market downturn.

Prime Minister Julia Gillard said the loan, to be paid back to the federal government, will be matched with an equal level of contributions by the New South Wales government.

"We are giving certainty to James Hardie asbestos victims that there are funds available to meet their claims," Gillard said.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com
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