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Gerry Harvey's prediction for interest rates and inflation | The Business | ABC News

Harvey Norman is feeling the consumer spending crunch. It's reported a decline in sales over the first five months of the financial year but executive chairman Gerry Harvey says it's a similar story throughout the retail sector. Subscribe: http://ab.co/1svxLVE While Reserve Bank governor Michele Bullock says household finances are holding up, Mr Harvey told The Business' Kirsten Aiken he expects interest rates will remain high next year. And he's described inflation as a worldwide problem which will become worse in Australia with the implementation of the stage three tax cuts. ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook:   / abcnews.au   Follow ABC News on Instagram:   / abcnews_au   Follow ABC News on Twitter:   / abcnews   Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia