Burning Smell When in Boost?

[c33matt]

I have a C33 Laurel with an RB20DET, and the car runs normally, but there's been an issue bugging me since I bought it. Whenever I go full throttle(or close to full throttle) and start making boost, there's a noticeable burning smell coming from the engine bay. There isn't any smoke, and the turbo spools up just fine. I've checked the oil level often, and over the 4 or so months that I've owned it, it hasn't dropped noticeably at all. Is this likely a blow-by issue? It does have a pod filter, straight pipe exhaust, and external wastegate. I would think that a bad turbo would consume a lot more oil.

[GTSBoy]

It's often the air-con drain hose behind the dump getting hot.