Federal and state governments may be called on to support the Asbestos Injury Compensation Fund amid fears it could soon run out of cash.

Corporate Law Minister Chris Bowen confirmed last week that he has met with state ministers to discuss funding for the scheme, which was set up in 2007 to compensate asbestos victims.

Last week it was revealed the fund could run out of money as early as next year following a $US45 million ($49 million) loss in net operating cash flow that allowed former asbestos producer James Hardie to avoid contributing to the fund this year.

Although the company booked a $US97 million ($106 million) profit, it is bound by a 2004 agreement to only pay 35% of annual cash flow to the fund.