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Gerry Harvey On Rate Rise: “Seen It All Before”

Retail billionaire Gerry Harvey admits that while “people will be spooked a little bit” by the cash rate hike, he has survived worse in the past.

“We are in the process now of inflation rate and interest rate rises, and obviously consumers are going to be frightened a bit, so yes, it’s going to have that effect,” Harvey told The Australian shortly after the announcement yesterday afternoon

“In terms of the average consumer, people will be spooked a little bit with that because you‘ve got an interest, now followed by another one, followed by another one and another.

“And then you have inflation that needs to be checked, but may not be checked and where does that all leave us?

“Fortunately, I’ve been in business for 60 years and I’ve seen it all before, on a number of occasions, and we’ve survived in the past.”

Gerry Harvey is the largest shareholder of retail giant Harvey Norman, which he co-founded. He holds just shy of 34 per cent of the company, with his cut valued at $1.8 billion.


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