CSR chief executive Julie Coates says the company has responded swiftly to COVID-19.Credit:Peter Rae
"There are 1.2 million people who work in building and construction,but about half of those work in housing. And what we know about the housing sector is that it has a strong multiplier effect on the economy,"she toldThe Age andThe Sydney MorningHerald.
New social housing spending could deliver a near-immediate boost,while a reduction or removal of stamp duty on home buyers and regulatory changes to accelerate housing approvals would all help,she said.
Ms Coates was speaking after the $1.6 billion ASX-listed company,a major producer of plasterboard,insulation and bricks,reported a full-year net profit from continuing operations (before significant items) of $134.8 million. This was ahead of guidance of between $107 million and $133 million,but down on last year's $181.7 million result.
CSR ditched its final dividend and its CEO,chief financial officer and all senior executives missed out on short-term bonuses for the year as the business looks to preserve cash during the coronavirus pandemic. Last year the total value of short-term bonuses for CSR executives was $3.4 million.
CSR has become the latest in a long list of companies to ditch or defer their dividend and follows Incitec Pivot dumping its dividend on Monday.
CSR also paused a $100 million on-market share buyback underway since March last year.