ADBRI boss says fast-tracking infrastructure projects will boost recovery

Adelaide Brighton's boss Nick Miller says getting more infrastructure projects off the ground, as quickly as possible, is the best hope for federal and state governments to get more people back to work.

"The first thing we want is bipartisan support for the projects, so we get clarity of what the pipeline is looking like (and) a fast-tracking of those projects," Mr Miller told The Age and The Sydney Morning Herald.

Nick Miller, CEO of cement and building materials company Adelaide Brighton, says infrastructure projects of varying sizes are needed as part of government stimulus spending.Credit: Dominic Lorrimer

The $1.6 billion cement and construction materials company's boss added that projects of varying sizes, including social housing and defence works, were needed because the larger projects typically had longer gestation periods as funding and land acquisitions were arranged.

"That's why the small and medium projects are very important in the mix, because they will get to market quicker, and get people on jobs, on shovels, out there working," Mr Miller said.

Adelaide Brighton posted a 35 per cent drop in underlying full year net profit in February and Mr Miller warned at the time that Australia's residential building market was likely to decline this year, weighed down by low consumer confidence, stagnant wages and access to capital. The warning, which has since been echoed by a range of other industry figures, was made before the coronavirus pandemic dramatically worsened in March.

Mr Miller said on Tuesday that an increased investment in infrastructure projects could provide a much-needed buffer against the subdued activity on the housing front.

"The infrastructure spend stimulus is going to be a critical infill for that loss of housing development."

Adelaide Brighton shares closed 7.5 per cent higher to $2.58. The company's shareholders on Tuesday approved the company changing its name to ADBRI Limited at its annual general meeting.

Mr Miller's call for a boost in infrastructure spending follows the comments made by CSR chief executive Julie Coates, who last week urged governments to consider measures to boost construction and stimulate the economy such as stamp duty cuts, loan guarantees and first home buyer assistance.

Meanwhile, building materials company James Hardie reported a 6 per cent jump in its annual net profit to $US241.5 million ($A372.9 million) on Tuesday, with sales revenue rising 4 per cent to $US2.6 billion.

"We delivered strong fourth quarter results globally, capping a fiscal year of outstanding performance that demonstrated our ability to consistently execute in both growing and highly volatile markets," James Hardie CEO Jack Truong said.

The building products manufacturer's shares jumped over 12 per cent on the results and ended the session 11.2 per cent stronger at $23.82. However, the stock is well below the peak of $32 it hit earlier this year.