A James Hardie asbestos victim has been awarded a record compensation payout.

Anthony Latz, a 70-year-old retired surveyor was exposed to asbestos fibres in the 1970s in products from former asbestos manufacturer James Hardie, and later developed the incurable asbestos cancer, mesothelioma.

The Adelaide District Court had ruled the company must pay exemplary damages of $1.06 million, but the Supreme Court of South Australia has now reduced the payout by $195,826 after an appeal by James Hardie.

Mr Latz’s solicitor Anna Hoffman said the Supreme Court challenged the District Court's decision to award Mr Latz’s family compensation for lost pension that would have been received if his life expectancy was not so drastically shortened.

“This component of the judgment… is deeply concerning and we are examining the legal avenues available to Mr Latz,” she said.

Mr Latz's lawyer said the exemplary damages component, which still stands, was a remarkable record in itself.

She said the significant exemplary damages would likely impact cases of other asbestos victims in the state.

Asbestos Victims Association SA president Kat Burge welcomed the new precedent.

“This case isn't just about Mr Latz and James Hardie,” she said.

“It is significant for every business in South Australia that still has asbestos in their workplaces and to every community member who may be exposed to asbestos in future.

“The courts will simply not accept safety coming second to profits, and they have warned every business in the state to do the right thing or face substantial penalties.

“Thousands of Australians have died because companies like James Hardie chose to continue manufacturing and selling a product that they knew was killing people.

“Mr Latz and his family are just the latest to suffer the consequence of this corporate greed.”