*  *  *  Thank you, Chair, for the opportunity to discuss this topic with you today. As summarised in our Submission,1 foreign residential investment has been a feature of Australia’s housing sector for many decades.
That is why, as I said earlier, we took steps, together with the other G-7 central banks, to inject liquidity into the financial system to support its smooth functioning in the wake of the tragic events in the United States. We stand ready to do so whenever necessary.