Jobs at risk as power costs soar

BUILDING products group CSR expects a surge in energy costs over the next year and has warned that Australian manufacturing businesses could shut plants and axe jobs if the situation continues.

“There will be challenges in the year ahead, particularly as all of our businesses are facing higher energy costs,” chairman Jeremy Sutcliffe told shareholders yesterday.

“The increase in energy costs will be one that many businesses, including CSR, will find extremely hard to recover.”

The company says the total energy bill for its main building products business could rise 17 per cent from a year ago.