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Feature Article - The Sydney Olympic Games Update
Most of the direct Games-related travel credits will be concentrated in August to October 2000. Initially, source data will not be available on either the number of Olympics visitors or their expenditures in Australia to enable the direct measurement of this impact.Therefore, the following additional amounts will be included in the initially published estimates in International Trade in Goods and Services, Australia (Cat no. 5368.0):
The above amounts include both the usage of tickets to attend Olympic events and all other expenditures of overseas Olympic visitors while in Australia.
As overseas arrivals and departures statistics become available late in 2000, and as traveller expenditure estimates become available in 2001, these direct-effect Olympics estimates will be revised.
AUDIO-VISUAL AND RELATED SERVICES CREDITS
There is $390 million identified in the Games budget in SOCOG's 1999 Annual Report as being received up until June 1999 for television rights. That amount, together with the amounts received during 1999-2000, will be included in the outstanding trade credit liabilities of Australia at 30 June 2000. Further pre-payment liabilities will build up during the September quarter as further payments are made. All of this liability will be run down in September and October as the Games are broadcast. The split of the likely delivery of the services associated with the broadcast rights that will be used in the estimation of audio-visual and related services credits will be:
The exact amounts used in BOP compilation will reflect any revisions reported by SOCOG.
ROYALTIES AND LICENCE FEES CREDITS
The sponsorship payments received from non-resident sponsors, a component of total SOCOG sponsorship revenue, have been included in the BOP over the past 3 years under royalties and copyrights credits. Final payments will be recorded in the September quarter 2000. These amounts are not separately available.
OTHER GAMES-RELATED BOP AND IIP ENTRIES
The trade credit liabilities associated with ticket sales to non-residents are not separately publishable by the ABS. Nor are the Games-related goods imports separately published. The other minor BOP items such as IOC payments were detailed in the article in the September 1999 issue of 5302.0.
SEASONAL ADJUSTMENT AND TREND ESTIMATES
All of the Olympics-related credits and debits will be included in seasonally adjusted aggregates in International Trade in Goods and Services, Australia (Cat no. 5368.0). However, some of the Olympics impact will be treated as an extreme irregular in deriving trend estimates of services credits for September and October 2000. For the month of September 2000 an extreme irregular adjustment of $1,473 million will be made to exclude Olympics travel ($450 million) and audio-visual services credits ($973 million) from the trend estimates. In October, $160 million will be treated as an
The forward seasonal factors to be used for September and October have been estimated without account for the Olympics and need no further adjustment.
During the 2001 annual seasonal reanalysis, the identified extreme irregulars (re-estimated where necessary) will be taken into account in re-estimating the monthly seasonal factors for services credits.
The other Olympic effects are either dispersed over time, such as sponsorship receipts, or are too small to warrant special treatment in the seasonal adjustment process or in deriving trend estimates.
In the September quarter 2000 issue of 5302.0, the September quarter extreme irregular adjustment applied in deriving trend estimates for services credits will be $1,483 million (including both the September amounts identified above as well as the $10 million to be included in travel in August which does not warrant separate monthly adjustment).
In the December quarter issue of 5302.0, the extreme irregular adjustment to the trend estimate for services credits will be $160 million.
The 2001 reanalysis for quarterly seasonal factors for travel credits and "other" services will account for the relevant components of these extreme irregulars in re-estimating seasonal factors for the series.
OTHER RELATED INFORMATION
Feature Article, The Sydney Olympic Games, Balance of Payments and International Investment Position, Australia (cat no. 5302.0), September quarter 1999.
Feature Article, The Sydney Olympic Games, Australian National Accounts, National Income, Expenditure and Product (cat no. 5206.0), September quarter 1999.
Feature Article, The Sydney Olympic Games, Australian Economic Indicators (cat no. 1350.0), August 2000.
Tourism Impacts of the Athletes' Games, Forecast, Tourism Forecasting Council, November 1998.
For enquiries about the BOP and IIP treatment of Games-related transactions contact Bob McColl on Canberra 02 6252 6688, fax 02 6252 7219 or email email@example.com.
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