7.30. The services classification used in Australia’s balance of payments (table 7.3) follows BPM5 and the more extensive OECD-Eurostat Classification. The authors of this classification have attempted to harmonise it with the United Nations Central Product Classification (CPC) on which the Australian and New Zealand Standard Commodity Classification (ANZSCC) is based. However, owing to the different natures of the BPM5 and CPC classifications, complete harmonisation is not achievable and there are two main areas of difference. First, the ANZSCC and the CPC are geared to domestic transactions while the BPM5 and OECD - Eurostat classifications are designed for international transactions. Second, three balance of payments components are defined not in terms of products, but in terms of consumption, namely travel services, goods acquired in ports, and government services, n.i.e.
This page last updated 7 March 2011
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