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A new report from the Government has said the Government will allocate $100 million over the next five years to help build up the asbestos trust.

It will also give an extra $10 million to the Queensland and New South Wales governments for building and maintaining existing sites in Queensland.

Key points: The Government will give an additional $10m to the state and NSW governments for a “significant amount of asbestos repair work” to build up a new asbestos trust in Queensland and a new site in New South South WalesThe report will also consider how to deal with the future of the asbestos trade, including whether to make it a criminal offence to sell asbestos productsThe Queensland and NSW government has committed to investing $200m over five years into the asbestos-related trust in the next financial year, and the Government says it will give a further $100m for a substantial amount of “significant asbestos repair” work.

“This is a significant amount of work and it will be important for Queensland and the broader region to be able to fund it properly, and be able build up this trust,” Mr Morrison said.

“That is what I have been very clear about is we will make sure that this trust is able to grow, and that it has the resources to do the work it needs to do.”

He said the government had committed to building up the trust and that the $100-million would help it “provide for the maintenance of existing sites”.

“This trust will be able and willing to provide asbestos remediation, and it’ll be able, and will be prepared to take on asbestos production, as it does for other types of work, so that we can maintain our position in terms of our asbestos stock,” he said.

“That’s a real commitment.”

Mr Morrison said the new trust would provide the Government with an “entirely new and unique and innovative way” of managing the asbestos industry.

“It will provide for the preservation of the entire asbestos stock, as well as its recovery and recovery in the future,” he told reporters in Brisbane.

“The key thing that we want to achieve with this new trust is to ensure that asbestos is maintained in the long term, and not only for the asbestos market, but for the broader industry as well.”

He did not say how much of the $200-million investment would go to the new asbestos-affected sites.

Mr Morrison, who will be returning to the Sunshine Coast on Monday, said he wanted to ensure the asbestos situation in Queensland was not being put in danger.

“I want to make sure Queensland’s asbestos stock is not in jeopardy,” he explained.

“We have a very good, well-managed industry, which has been operating very well, but the situation is not being protected by our government.”

Mr Abbott has pledged to take action against people who sell asbestos to the world, including overseas, and he has said that the Government had agreed to buy the company that makes the product from a US company.

Topics:government-and-politics,coalition,state-parliament,industry,business-economics-and.financial-trends,australiaContact Paul ChisnallMore stories from Queensland

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