Fletcher Building says 1,500 job losses across New Zealand and Australia will be felt across all divisions as the company responds to the economic downturn caused by covid-19.

Chief executive Ross Taylor would not give guidance as to the cost of the restructuring and could not signal which units were more affected in today's media briefing.

"It's every part of the business, I'm not being evasive…the whole organisation will shrink - its proposals up and down the organisation," he said as journalists questioned which workers would lose their jobs.

Consultation has begun this week with Fletcher's employees, with 1,000 jobs to go in New Zealand and 500 in Australia.

The virus means Auckland International Airport's domestic jet hub and the SkyCity International Convention Centre will be delayed, but Taylor told Andrew Dickens the impact of the virus will linger for some time.

"When you're in big construction like infrastructure or big projects like the SkyCity, they last for a year or two, so ultimately they take longer and they lag the economy, so they might not feel the impacts for a year or two." 

While domestically the construction firm initially took more than $60 million in government wage subsidies, it would not take further handouts after the 12-week period which expires June 26.

The next round of government subsidies requires a 50 per cent revenue decrease to qualify, from 30 per cent previously but Taylor said Fletcher would not take it.

"We are a strong independent company and its not sustainable for everyone to be dependent on government for the long term. We didn't qualify and we didn't ask for it, and it's important to be independent."

Taylor and Fletcher's board has also taken a 30 per cent pay cut until September.

The company is also looking at its non-people costs including exiting unprofitable product lines, moving more employees into its Penrose headquarters, reducing professional services costs and it will look at reducing supply chain costs as well.

Shares in the company were down by 2.7 per cent after opening at $3.40 and have lost 35 per cent this year.