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.
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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.
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Original URL: https://www.afr.com/companies/manufacturing/why-csl-chose-high-cost-switzerland-over-high-cost-australia-20140818-j8hlx
