1218.0 - Standard Economic Sector Classifications of Australia (SESCA), 2002  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/09/2002   
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Contents >> Chapter 4: Associated classifications >> Balance of payments sector classification

Balance of payments sector classification

4.28. ABS BOP and IIP statistics employ an institutional sector classification that is based on the functional classification included in the BPM5. The classification is a contraction of the institutional sector classification in the SNA93. The sectors in the BPM5 are as follows:

        1. General government
        2. Monetary authorities
        3. Banks
        4. Other

4.29. The BPM5 classification includes in the monetary authorities sector certain monetary functions that are often performed by institutional units classified to the general government sector. The functions concerned are issue of currency, maintenance and management of international reserves - including those resulting from transactions with the IMF - and the operation of exchange stabilisation funds. In other words, strict application of the BPM5 classification could see the functions of certain institutional units 'split' across two sectors in the BOP sector classification.

4.30. In order to maintain consistency across all economic statistics, the ABS BOP sector classification is based on the SNA93 institutional sector classification. This classifies the functions noted in paragraph 4.29 to the general government sector. In Australia, only relatively minor monetary authority functions are performed by the general government sector, including issue of coins, use of IMF credit (which is rare), and certain elements of Australia's reserve position with the IMF. In ABS BOP and IIP statistics, these functions are recorded in the general government sector, but are identified separately. The ABS BOP sectors are as follows:
        1. General government
        2. Central bank
        3. Depository corporations
        4. Other

4.31. The ABS BOP general government sector coincides with the SISCA general government sector. The central bank sector is equivalent to the SISCA central bank subsector. The depository corporations sector coincides with the SISCA depository corporations subsector. The other sector coincides with the SISCA insurance corporations and pension funds subsector, other financial institutions subsector, non-financial corporations sector, NPISH sector and households sector.

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