Why CSL chose high cost Switzerland over high cost Australia

The country’s largest biotechnology manufacturer CSL says Australia urgently needs a plan to become more competitive or risk being ignored altogether when companies decide where to invest.

Jessica GardnerUnited States correspondent

Updated Aug 18, 2014 – 5.43am, first published at 12.05am

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The country’s largest biotechnology manufacturer, CSL , said jobs are being lost as companies invest overseas where workers are more productive, tax rates are lower and governments more supportive.

CSL chief financial officer Gordon Naylor said the $33 billion company has decided to build a new $500 million plant, creating 500 jobs, in Switzerland, despite its high labour costs and strong currency, two drags also faced by manufacturers here.

Jessica Gardner is The Australian Financial Review’s United States correspondent. She was previously deputy editor - news.