credit guidelines for temporary residents, allowing them to buy a home with a 10 percent deposit. The RBA in its submission to the same PC Report also stated "rapid growth in overseas visitors such as students may have boosted demand for rental housing". However, in question in the report was the statistical coverage of resident population. The "ABS population growth figures omit certain household formation groups – namely, overseas students and business migrants who do not continuously stay for 12 months in Australia." This statistical omission lead to the admission: "The Commission recognises that the ABS resident population estimates have limitations when used for assessing housing demand. Given the significant influx of foreigners coming to work or study in Australia in recent years, it seems highly likely that short-stay visitor movements may have added to the demand for housing. However, the Commissions are unaware of any research that quantifies the effects." Some individuals and interest groups have also argued that immigration causes overburdened infrastructure. Foreign investment in residential property In December 2008, the federal government introduced legislation relaxing rules for foreign buyers of Australian property. According to FIRB (Foreign Investment Review Board) data released in August 2009, foreign investment in Australian real estate had increased by more than 30% year to date. One agent said that "overseas investors buy them to land bank, not to rent them out. The houses just sit vacant because they are after capital growth." Inner-city apartment boom To cope with the high demand of housing, the desirability in renting, and most significantly an influx of immigration, major Australian cities have seen a boom in high-rise apartment construction. According to ABC News and UBS, the number of cranes on Australian high-rise sites levelled out at a peak of 548, having surged 323% since late-2013. See also Australian property market Poverty in Australia Public housing in Australia Housing in Victoria References External links Home Owners And Renters Australian culture Society of Australia Housing in Australia Ownership