Australians should be "as happy as pigs in shit" with low unemployment and a resources boom, but instead they're scared to spend money, retail king Gerry Harvey says.

The chief executive of retailer Harvey Norman says he can't find a path through the fog of bad news as it continues to weigh on consumers.

Too many things affecting consumers, Gerry Harvey says. Credit:Louie Douvis

"I don't see a way at the moment. I don't see how anything's going to change," Mr Harvey said. "You've got too many things out there affecting the minds of humans and it's just an avalanche of media activity and government activity that's making people unhappy and not wanting to spend their money."

Despite the grim general outlook, Harvey Norman reported its net profit after tax increased 9 per cent to $252.26 million in the year to June 30, up from $231.41 million in the previous year.