The chief executive of building products group James Hardie says the renovations market remains soft and is only likely to be reinvigorated when interest rates are cut and consumer confidence improves.

Aaron Erter says the effects of sharp rises in interest rates over the past 18 months in the renovations segment in its major markets of North America, Europe and Australia were underestimated by many players. He said the “back half” of 2024 was likely to be the point at which the renovations market improved.