1301.0 - Year Book Australia, 2012
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 24/05/2012
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Statistics contained in the Year Book are the most recent available at the time of preparation. In many cases, the ABS website and the websites of other organisations provide access to more recent data. Each Year Book table or graph and the bibliography at the end of each chapter provides hyperlinks to the most up to date data release where available.
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ARTICLE – FINANCE AND INSURANCE FOREIGN AFFILIATES
The ABS captures Australia’s economic interaction with the rest of the world by measuring trade flows, income flows, financial flows and investment positions through Balance of Payments and International Investment Position statistics. However, these do not cover all aspects of Australian presence in overseas markets, for example the activities of affiliates of Australian resident enterprises domiciled outside of Australia’s economic territory. To partially address this information gap, the ABS conducted a survey with the financial support of the Department of Foreign Affairs and Trade (DFAT). The results of this survey have been published in a new ABS publication, Australian Outward Finance and Insurance Foreign Affiliate Trade, 2009–10 (5485.0).
The survey included finance and insurance foreign affiliates of enterprises located in Australia that had a majority Australian ownership (over 50% or, in a small number of cases, almost 50% ownership in host economies with restrictions preventing 50% foreign ownership). Of the 1,245 finance and insurance affiliates, the majority (1,201) were part of an enterprise group located in Australia, which was Australian-owned, while the minority (44) were part of an enterprise group located in Australia but foreign-owned.
The main findings for 2009–10 include:
by foreign affiliates
of foreign affiliates
Graph S31.2 shows the percentage contribution of each of the three industries to key measures. There were 92% of sales of services from finance and insurance foreign affiliates attributed to local residents in their host countries. This indicates that they were primarily established to service the markets where they were domiciled.
Of the 1,245 finance and insurance foreign affiliates, 439 were in the Americas region, 423 were in the Asia-Pacific region and 383 were in Europe and Africa. Foreign affiliates domiciled in New Zealand, the United Kingdom and the United States of America collectively accounted for 76% of the wages and salaries of finance and insurance foreign affiliates and 72% of their sales of services (graph S31.3).