Is there anyway of doing this with a keyboard shortcut without manually hiding each object on the scenes panel?
I remember vaguely there was a way to do this in 3DS max.
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Press / on the numpad for Local View.
Press it again to go back and toggle it off.
As answered by AttackingHobo, you can use Numpad / to toggle Local view. This will kind of do what you describe, and I prefer it to hiding other objects as it preserves object visibility settings for when you unhide everything.
However, you can also use ⇧ ShiftH to set the viewport visibility of all unselected objects to hidden. ⎇ AltH will set the viewport visibility to visible again.