Top city restaurants cut prices and waiting lists

WAITING lists at some of Sydney's top restaurants have been slashed as recession-conscious consumers opt for takeaway and cheaper dinners.

Restaurants including world-famous Tetsuya's, are cutting prices and taking bookings with just 24-hours notice.

The latest Australian Bureau of Statistics figures on consumer trends show a 13 per cent fall in the amount Australians spent on eating out over the last three months of 2008.

"Spending at cafes and restaurants has continued to fall, showing the largest annual decline in the 25 years records have been kept," Commsec analysts, who obtained the figures, said yesterday.

At Tetsuya Wakuda's Kent St restaurant the waiting list has shrunk from three months less than a year ago to as little as 24 hours.

Diners hungry for Peter Kuravita's fare can call his Pyrmont eatery Flying Fish in the afternoon and reserve a table for that night. In better times the restaurant was booked weeks in advance.

And Justin Hemmes' stylish Est. restaurant is adapting to leaner times, offering a two-course "credit crunch lunch".

"It's $50 for two courses and $60 for three. That is pretty good value for three hat dining," Merivale Restaurants head Frank Roberts said yesterday.

KPMG partner and demographer Bernard Salt said the figures showed people were shying away from being openly extravagant.

"We used to idolise celebrity chefs," he said.

"Now we are learning frugal ways forgotten for a generation."

Mr Salt said he expected the dinner party to become more fashionable as the wealthy opted to enjoy excess in private.