5.40. Data models are used extensively in balance of payments and international investment compilation. Appendix 2 provides a summary of selected models and, for each model, includes the data sources used, a broad description of the model, and a list of the standard components for which the model is used.
5.41. Three models are used to compile the travel services component: Travel by Foreign Residents, Travel by Australian Residents, and Foreign Students in Australia. The first two models contribute to the measures, respectively, of travel credits and travel debits. In the case of credits, the model estimates per capita expenditure on goods and services by foreign travellers and workers from the quarterly International Visitor Survey, and applies these estimates to numbers of travellers in overseas arrivals and departures statistics, with adjustments from other sources. To measure travel debits, the quarterly Survey of International Trade in Services (travel component) is the main source for the Australian residents model. In each model, data come from a variety of sources. The Foreign Students in Australia Model measures the number of foreign students on education visas and New Zealand students studying in Australia, their expenditure on education fees and other goods and services, and wages and salaries earned. Again, data are built up from a number of different sources.
5.42. Several other models are used to measure services. They include the Insurance Model, which measures the insurance service charge and non-life insurance transfers (a fuller description of the treatment of insurance is given in box 7.5), and the Foreign Exchange Fees Model, which indirectly measures the imputed service charge earned by Australian resident foreign exchange dealers from non-residents and vice versa.
5.43. Several models measure portfolio investment financial transactions and international investment position components, and associated investment income. These include the models Accrued Income on Debt Securities, Portfolio Investment in Equity Liabilities, and Portfolio Investment in Debt Securities Liabilities. Fuller explanations of the Income Model and Portfolio Models are given in Appendix 2.
5.44. The Migrants’ Transfers Model measures migrants’ transfers credits and debits. For credits, data are available from the Department of Immigration and Multicultural Affairs on the business migrants category, whereas for other immigrants (credits) and for emigrants (debits) estimated data for per capita transfers are applied to overseas arrival and departure data on migrants entering and leaving Australia.