Senior Bureau of Statistics officials have admitted they read trade magazines and newspapers to keep on top of changes in the amount of foreign investment in Australia's residential property, because their collection of such data is too patchy.
Speaking at a House of Representatives inquiry on Wednesday, Paul Mahoney, an ABS assistant statistician, said employees regularly scanned newspapers for information on foreign purchases of Australian homes, even though they knew the practice was ''a bit hit and miss''.
But it had to be done, he said, because the ABS gathered ''very little'' data itself and collecting it was not a priority.
The admission came in the third public hearing into foreign investment in the residential real estate market. The hearings are being held in response to industry concerns that foreign investors, particularly Chinese and Malaysians, have been sidestepping Australian laws to buy homes in huge numbers, pricing out locals.
Gareth Hutchens
