A recent paper by Australia's Department of Treasury showed that foreign buyers were not to blame for the housing price surge in Australia, reports the Property Observer (5 December 2016). The report stated that price growth was mostly due to domestic demand, housing supply shortage, and financial regulation. Charles Pittar, CEO of Chinese international property website Juwai.com, said the Parliamentary Inquiry into foreign investment found the same thing three years ago, although without the impressive statistics. "The results are no surprise and they confirm what we have said for years. Offshore buyers drive huge benefits for the Australian real estate market and economy, as well as billions of dollars of job growth and physical investment in new housing," said Pittar.