Consequently, it is appropriate to levy a fee which is greater than implied by a long run of historical data. The net outcome is thus a weighted average of a  2  One complication in doing this calculation in Australia is that because government paper has been in short supply for many years, it has tended to trade with a scarcity premium.
Investment in new housing is also growing at only a modest pace, despite fast growth in the population. This is because of the relatively high cost of housing, rigidities in the housing supply process and difficulties for developers in obtaining finance. Graph 7  Business investment, however, is at very high levels.