Even multibillionaires are feeling the pinch. James Packer, once Australia's richest man, has reportedly put his $50m yacht up for sale, postponed delivery of a $60m private jet and left a swimming pool complex at his family property half-built.
Mr Packer, 41, who inherited a fortune from his father, the media tycoon Kerry Packer, has seen the value of his assets halve in the past year, from $6bn to less than $3bn, according to the Sydney Sunday Telegraph. As a result, he is dismantling his playboy lifestyle. A three-level Mayfair apartment is also up for sale.