Packer was educated at Cranbrook School in Bellevue Hill, Sydney. After obtaining the Higher School Certificate (HSC) at Cranbrook, Kerry decided it was time to toughen his son up to prepare him for the world of business. He was sent to his father's extensive Newcastle Waters cattle station in the Barkly Tableland of the Northern Territory, where he worked as a jackeroo. His father dismissed the idea of sending young James to university by saying "Why would he want to go there? To learn how to smoke marijuana?"
Packer was a director of Australian Telecommunications company One.Tel, which was declared insolvent during May 2001. The collapse of One.Tel cost PBL A$327 million. Packer admitted at a PBL Annual General Meeting that he had learned "painful lessons" from the collapse of One.Tel. Later at the liquidator's inquiry over the collapse he denied that he was apologising for his own personal conduct; instead he claimed, "I was making an apology for accepting the bona fides of Mr. Rich and a Mr. Heaney, and the executive directors of One.Tel."[citation needed]
Packer was a director of Australian Telecommunications company One.Tel, which was declared insolvent during May 2001. The collapse of One.Tel cost PBL A$327 million. Packer admitted at a PBL Annual General Meeting that he had learned "painful lessons" from the collapse of One.Tel. Later at the liquidator's inquiry over the collapse he denied that he was apologising for his own personal conduct; instead he claimed, "I was making an apology for accepting the bona fides of Mr. Rich and a Mr. Heaney, and the executive directors of One.Tel."[citation needed]
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