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Geez, Is Gerry Harvey Off His Meds Again

Gerry Harvey the Chairman of Harvey Norman, is on the rampage again, this time he’s suggesting that China’s one-party led dictatorship is a model Australia should aspire to.

The 83 year who has been suffering with bad health lately claims, “If you want to get something done, the best system is the Chinese one,”.

The Outburst to a News Corp journalist has also seen the billionaire capitalist call for more independents in parliament

That’s because he is “pissed off” that Albanese government is proposing retrospective crackdown on franked dividends funded by capital raisings of which he’s had a few over the past seven years.

He’s slammed the Labor government’s plan to backdate the measure to December 2016 when it was originally announced by then Liberal federal treasurer Scott Morrison, but never legislated.

“I don’t know how you can retrospectively go back six years. That’s just bloody stupid”.

Harvey Norman undertook a $174 million capital raising in October 2019 and a $164 million equity raising in 2018.

While the issue of new shares was ostensibly done to reduce debt, it also allowed Gerry’s business that includes both property investments and retailing to pay out more in dividends than it earned in profits and pass on to investors excess franking credits on its balance sheet.

As for the Chinese Communist Parties approach to doing business Gerry Harvey said “You just do it. You’ve got a government that’s in total control and they don’t give a f**k what the people say.”

Some say it’s a bit like the way Gerry runs his Harvey Norman business.

Mr Harvey made the comments while lamenting the direction of Australia’s democracy – specifically the historic move away from the two major parties and the rise of the so-called “teal” independents such as Allegra Spender in Wentworth, Kylea Tink in North Sydney, Monique Ryan in Kooyong, and Zoe Daniel in Goldstein.

“When you’ve got a government that sees Labor in with full control or Liberal in with full control, you can get things done” he said.

“When you’ve got a coalition of two, three, four or five or more independents, the process is slowed extraordinarily. They never get stuff done.

“It’s a recipe for disaster in many ways, but the way we’re heading with democracy I don’t think that’s going to change.

“If I had to predict the future, I think there’ll be a lot more of these coalitions. I can see some advantage in that, but then if you want to build a road or a bridge or make something, it never gets done, it’s stopped dead.

“From my point of view, as a businessman, I’ve got to sort of figure out, you know, where’s my business going in the future? What sort of shop do I build and where do I build it?” he said.

“Do I build shops? Do I get out of shops and start mining uranium because that’ll be the big new thing, or lithium or rare metals?

“Or do I go in and start building houses because there’s not enough in Australia. There’re so many different things that you’ve got to work out what’s the future and what sort of business do you do.

As we revealed last week Gerry Harvey has been battling an illness, which gave him pause to consider what is important in life.

“I got sick the other week and I was really sick with a virus,” he said. “I would’ve given away every penny I’ve got just to be healthy.”



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