According to Australian accountant and property investor millionaire Jeremy Iannuzzelli there is no such thing as a cost-of-living crisis and that rather, we are in a 'spending crisis'.

Millionaire Jeremy Iannuzzelli told Peter Fegan on 4BC Breakfast, "I don't disagree that costs have increased, but if we look at the economy as a whole over the last 25 years, there's always been an increase in costs year to year and that's called progression."

"I think the main thing now is all about frugality and a lot of people are not understanding that in certain times, in certain economies, you need to rein back your spending."

"If you're spending money consistent with where we were when interest rates were two percent and you haven't changed your habits, then you are going to feel the pinch," Mr. Iannuzzelli said.

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