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SELECTED DATA MODELS USED, Including Components of the International Investment Position
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Data model title and data source
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Balance of payments broad level components
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1) Travel by Foreign
Residents Model
Overseas Arrivals and Departures (OAD)
International Visitor Survey (IVS)
Survey of Inbound Tour Operators (SITO)
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This model measures expenditure in Australia by foreign resident travellers and workers, primarily using per capita data on expenditure and earnings applied to OAD data on short-term visitor arrivals. It excludes the expenditure of foreign students studying in Australia on student visas and New Zealand students; these are covered in the Foreign Students in Australia Model. To estimate the per capita expenditure data several sources are used. These primarily include IVS expenditure data (adjusted to exclude on-carriage and prepaid land component) and IVS earnings data, SITS data on on-carriage receipts and SITO data.
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Services
- Transportation (passenger services)
- Travel credits
Income:
- Compensation of employees debits
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Survey of International Trade in Services (SITS) - transportation component
Economic Activity Survey (EAS)
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SITS (transport component) provides data on cruise fares and on the on-carriage receipts by resident airlines for carrying foreign travellers on domestic transport legs beyond their initial arrival in Australia. SITO provides (until 1995-96) estimates of the earnings by Australian businesses from the prepaid land component of package tours into Australia. From 1996-97 these estimates are derived from the EAS.
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Visiting Military Personnel (VMP)
(Department of Defence advice)
Service personnel expenditure
(United States Navy advice)
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Other minor components of the model are non-resident transport crews' expenditure in Australia, foreign military crews' expenditure in Australia, and an adjustment to passenger fare earnings. The first is obtained from data reported in the SITS (transportation component). The second comes from the VMP advice which provides quarterly data on the numbers of foreign service personnel visiting Australia, used together with per capita expenditure data supplied irregularly by the United States Navy. The last component is compiled from IVS (see paragraph 5.31 for further detail)
Until each of the above sources is available, the individual affected components are extrapolated.
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2) Travel by Australian Residents Model
Survey of International Trade in Services (SITS) - travel component
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SITS provides a quarterly measure of the expenditure abroad by Australian travellers using credit cards, travellers' cheques, cruise fares and other prepaid packages. SITS is supplemented with data (every four years) from SORAT on the cash taken abroad by Australian travellers and other sources of travel finance such as from earnings abroad.
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Services:
- Travel credits
Income
- Compensation of employees credits
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Survey of Returned Australian Travellers (SORAT)
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SORAT also provides a dissection of average expenditure per traveller by the purpose of travel (business and personal travel), and of income earned abroad by Australian travellers. SORAT is also used to validate the SITS methodology and ensure SITS coverage has been maintained.
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Overseas Arrivals and Departures (OAD)
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OAD data are applied to SORAT data by purpose of travel, and are also used for monthly interpolation and extrapolation of quarterly SITS information.
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3) Foreign Students in Australia Model
Foreign Student Statistics (FSS) (DETYA)
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FSS provide numbers of foreign students in Australia in any calendar year and indicative per capita course fees per student registration. These estimates are combined, after allowing for those short courses that span calendar years, to calculate total fees paid. The model does not cover foreign students (apart from New Zealand citizens) who are not on education visas; foreign students in Australia for less than three months are not required to take out an education visa.
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Services:
- Travel credits
Income
- Compensation of employees debits
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Survey of International Students (SIS)
Consumer Price Index (CPI)
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SIS provides weekly per capita data on expenditure by foreign visaed students on other goods and services (by course type) and earnings. Weekly data are converted to annual using assumptions on period of year when students stay in Australia. Per capita annual data and FSS student numbers are used to derive expenditure on other goods and services. SIS data are interpolated between survey years and extrapolated from most recent survey with reference to CPI.
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4) Insurance Model
Survey of Insurance Companies and Agents
(Australian Prudential Regulation Authority (APRA))
Survey of International Trade in Services (SITS) - insurance
SITS (selected services)
International Trade Statistics (ITS)
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The model estimates insurance services (insurance service charge) from data on premiums earned (including premium supplements which are offset in other investment income) and claims incurred (averaged over five or twenty years). A description of the model is provided in box 7.5, which also explains the estimation of the freight and other insurance components. Most of the data are sourced from the APRA. SITS (insurance) provides information on insurance placed abroad through resident brokers (including brokers' commissions earned from non-residents), and SITS (selected services) provides information on own risk assets insurance placed directly abroad by the insured.
ITS is used in the estimation of freight insurance.
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Services:
- Insurance services
Investment income:
- Other income
Current transfers:
- Non-life insurance transfers
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5) Foreign Exchange Fees Model
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The model provides estimates of the implicit fees associated with foreign exchange trading (see paragraph 2.27). While the concept and methodology are somewhat complex, the resulting balance of payments figures are small in Australia's situation.
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Economic Activity Survey (EAS)
Reserve Bank Bulletin
(Table F8 on foreign exchange turnover)
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EAS provides estimates of total implicit net fees earned by resident foreign exchange dealers from both resident and non-resident clients, after deducting fees paid to non-resident dealers. The model makes use of estimated buying and selling spreads on foreign exchange turnover (obtained from Table F8), and the counterparty information also shown in Table F8, applied to the EAS measures to provide separate estimates of the earnings from residents and non-residents. The estimated implicit earnings by resident foreign exchange dealers from non-residents are recorded in the balance of payments as the credit component. No adjustment is made to add back implicit fees paid to non-residents (i.e. there is no grossing up of credits) and the counterpart on the debits side (there is no grossing up of debits). Using a number of assumptions about the implicit fees rates and foreign exchange dealings, similar estimates are compiled for the debits side (non-resident foreign exchange dealers' implicit fees charged to residents, after deducting implicit fees paid to resident dealers).
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6) Accrued Income on Debt Securities Model
Portfolio investment in debt securities liabilities model (PIDSLM)
Debt Securities Issued in Australia (DSIA)
(ABS Financial Accounts Section)
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Income accrued on long-term debt securities (excluding financial derivatives and income on reserves) issued in Australia is estimated by applying DSIA weighted yields (for Commonwealth Government, State Government, and Other Sectors separately) to average PIDSLM opening and closing levels of debt securities issued in Australia and held by non-residents.
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Investment income:
- Portfolio income on debt securities
Portfolio investment:
- Debt securities
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Survey of International Investment (SII)
International Bond Yields (Organisation for Economic Cooperation and Development (OECD) publication Financial Statistics Monthly )
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Income accrued on long-term debt securities issued abroad by residents and non-residents (excluding income on reserves) is estimated by applying appropriately weighted International Bond Yields to the average stock of debt (reported at market values) in SII.
Income accrued on short-term debt securities is compiled by smoothing the cash flows reported in SII.
Finally, the reported cash flows for interest payable (from SII apart from interest on reserves) are included in the financial account as transaction reductions in investment position, and the estimated accrued income flows are included in the financial account as transaction increases in investment position.
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7) Migrants' Transfers Credits Model
Overseas Arrivals and Departures (OAD)
SOFUT
Business Skills Category (BSC)
(Department of Immigration and Multicultural Affairs (DIMA))
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OAD data are used to identify the number of migrants arriving in and leaving Australia. The BSC provides data on the numbers of migrants on the program and the average amount of money they bring to Australia, to estimate total business migrants' transfers. The numbers of other immigrants is multiplied by a per capita transfers estimate (derived from SOFUT) and extrapolated using relevant countries' inflation rates and Australian dollar exchange rates with appropriate currencies.
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Capital transfers:
- Migrants' transfers
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8) Portfolio Investment in Equity Liabilities Model
Survey of International Investment (SII) (nominees component)
Australian Stock Exchange
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Quarterly and annual data models are used to derive the level (position) of foreign investment through nominees in Australian equity securities (at market prices), as well as deriving the transactions and market price changes in investment position in these securities from the paid up values supplied in the SII. Data are compiled on a share by share basis in the annual model. Quarterly data are benchmarked to annual data when they become available.
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Portfolio investment:
- Liabilities, equity
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9) Portfolio Investment in Debt Securities Liabilities Model
Survey of International Investment (SII) (nominees component)
Debt Securities Issued in Australia (DSIA) (ABS Financial Accounts Section)
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Model provides quarterly estimates of transactions in Commonwealth and State Government securities issued in Australia from data on end of period market values of securities reported in SII. For deriving transactions and valuation changes, the model uses the market price change in securities on issue provided in DSIA and derives transactions changes as a residual.
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Portfolio investment:
- Liabilities, debt
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