One of Australia's richest men has drawn criticism for buying his teenage daughter a yacht worth AU$5.3m.

Mining magnate Clive Palmer has been labelled an irresponsible parent after he bought the lavish gift for 15-year-old daughter Emily at the weekend.

The 30m superyacht fails to teach the value of money and amounts to showing off, according to child psychologist John Irvine.

"It's an ego thing - Dad showing off - instead of teaching them to earn what they yearn," said Dr Irvine.

"It breeds irresponsibility and an expectation that Daddy can always fix things."

Other experts were also quick to criticise Palmer's grand gesture.

"I don't personally agree with it - the main role for a parent is to teach your child and I would be asking, what can they learn from this gift?" added Renee Mill, a clinical psychologist and author of No Sweat Parenting.

Celebrity parents often splash out on expensive gifts for their kids - last year Brooklyn Beckham received a pair of diamond earrings worth more than $100,000.