Fletcher Building CEO Mark Adamson says the future for Australia’s manufacturing industry is “bleak” and the sector’s productivity lags behind other countries.
Adamson, who leads one of the largest trans-Tasman building companies, said the mining boom had contributed to government and business complacency.
“I get the sense that over the last 20 years the really strong economic performance of Australia, which has partly been driven by the resources boom, has led to inefficiencies in the economy,” he told AAP.
“The Australian Government, they have recognised that they almost need to forget the resources sector and really seek to drive productivity in the rest of the economy, otherwise it is a really bleak picture, as as far as I’m concerned, regarding Australian manufacturing.”
Adamson's comments came following Fletcher Building’s annual general meeting in Auckland, and the company said it expected its earnings to grow by 22 per cent in the 2013 financial year.