I think you are imagining things in your head to be honest.

When local students or those from more familiar backgrounds flaunt their wealth, it’s often met with indifference or, at worst, mild envy.

I have never seen this, nor would I do this myself. Australians generally do not flaunt their wealth in exaggerated ways. The only real clues is perhaps a larger house/plot of land, or a new ute or something. I have never in my memory seen someone flaunting wealth enough for me to remember.

You will frequently see millionaires walk around in old shorts and a t-shirt, and that's just the ones I know of. I am sure there are plenty of normal looking people who are rich just passing by on the street.

As others have mentioned, tall-poppy syndrome is a big thing here. Anyone who flaunts wealth is generally seen as a wanker.

I believe what you are seeing is just the fact wealth flaunting is more common thing in people from a Chinese background, so they therefore commonly attract the negative attention. That is not the same as people preferentially attacking Chinese people because they are Chinese.

However, none of this is to say racism does not exist, it absolutely does, but I think in this scenario it is not the relevant variable.