Tax cuts for wealthier Australians are needed to help boost spending as recent interest rate cuts fail to instill confidence in shoppers, the chief executive of electronics retailer JB Hi-Fi has warned.

The company's chief executive, Richard Murray, noted the "jury is still out" on whether three interest rate cuts and the Morrison government's mid-year tax cuts are flowing through to retailers as he spoke on the sidelines of the company's annual general meeting in Melbourne on Thursday.

JB Hi-Fi CEO Richard Murray said tax cuts for high-income earners will have a greater impact. Credit:Wayne Taylor

Instead, he said he was more optimistic about future tax cuts which are set to mainly benefit Australians earning between $120,000 and $200,000 and are scheduled to pass through to taxpayers by 2025.

"We all want minimum wage or low-income earners to benefit from tax cuts first, so that's terrific, but the second and third tax cuts go to mums and dads with private school fees and homes and mortgages," he said.