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Argentina's new far-right president has vowed to deliver economic "shock treatment" in his first speech after formally taking office.

Javier Milei warned Argentines "there is no money" and recommitted to a programme of harsh austerity measures.

The populist outsider won a surprise election victory in November with radical pledges to overhaul the South American nation's ailing economy.

Mr Milei's inauguration was held in Buenos Aires on Sunday.

In a day of pomp and ceremony, the 53-year-old capped his extraordinary rise to power with a speech which left Argentines in no doubt he intends to embark on an economic path unlike any previous president.

He said he would undo "decades of decadence" with deep spending cuts, designed to slash huge public debts and drive down inflation, which is now higher than 140%.