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5310.0.55.002 - Information Paper: Implementation of new international statistical standards in ABS National and International Accounts, September 2009  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 28/10/2009  First Issue
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CHAPTER 4 INDICATIVE IMPACTS ON INTERNATIONAL ACCOUNTS

Warning: The estimates in this publication are indicative. They are presented to give an indication of the magnitude of the impacts of proposed change to Australia's macro-economic accounts. All estimates are subject to refinement and revision in the quarterly balance of payments to be published on 8 December 2009.

BALANCE OF PAYMENTS

From the August 2009 issue of International Trade in Goods and Services (5368.0) and the September quarter 2009 issue of Balance of Payments and International Investment Position (5302.0), data will be compiled on the basis of the Balance of Payments and International Investment Position Manual sixth edition (BPM6). In addition, the results of a number of data quality investigations will be implemented. These changes will be backcast through the historical series to create a time series which is as continuous as possible.

New series to be introduced with BPM6 include pension funds service charge, reinvested earnings on investment fund shares and other volume changes due to migrants' change in residency. A range of series will be revised including transport freight services, all insurance service charges, financial services, financial intermediation services indirectly measured (FISIM) and personal transfers.


THE BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION

Table 1 summarises the impact on key aggregates for 2007-08 of implementing BPM6. The reasons for the most significant changes are described in the following sections.

1 Summary of changes to Balance of Payments and International Investment Position, current prices(a)

BPM6 Label
BPM5 basis ($m)
BPM6 basis ($m)
Difference
% change

CURRENT ACCOUNT
-72 504
-72 987
-483
-1
Goods and Services
-23 561
-24 579
-1 018
-4
Net Goods
-22 346
-21 894
452
-
Goods credits
182 818
182 952
134
-
Goods debits
-205 164
-204 846
318
-
Net Services
-1 215
-2 685
-1 470
-
Services credits
51 035
50 645
-390
-1
Services debits
-52 250
-53 330
-1 080
-2
Net Primary income
-48 601
-48 254
347
-
Primary income credits
42 022
43 035
1 013
2
Primary income debits
-90 623
-91 289
-666
-1
Net Secondary income
-342
-154
188
-
Secondary income credits
5 264
6 058
794
15
Secondary income debits
-5 606
-6 212
-606
-11
CAPITAL ACCOUNT
2 167
-232
-2 399
n.a.
FINANCIAL ACCOUNT
68 148
72 206
4 058
6
Financial account assets
92 260
85 003
-7 257
-8
Financial account liabilities
160 408
157 209
-3 199
-2
INTERNATIONAL INVESTMENT POSITION
Total foreign assets
1 048 612
1 069 706
21 094
2
Total foreign liabilities
1 724 482
1 729 944
5 462
-

- nil or rounded to zero (including null cells)
(a) Balance of Payments signage presented in this table according to BPM6 presentation



THE CURRENT ACCOUNT

The Current Account presentation under BPM6 will be similar to the presentation currently published, except that income and current transfers will be replaced by primary income and secondary income, respectively.

The introduction of BPM6 will increase the current account deficit, in current prices, for 2007-08 by about $0.5 billion net with:
  • the deficit on goods decreasing about $0.5 billion;
  • the deficit on services increasing about $1.5 billion;
  • the deficit on primary income decreasing about $0.4 million; and
  • the deficit on secondary income decreasing about $0.2 billion

The gross impacts will be larger than the above net impacts although some of the changes, such as some components moving between goods and services, will have a minimal net impact.

The impacts on the current account balances are summarised below for 1994-95 to 2007-08 in table 2 and figure 1.


2 Changes to Current Account Deficit, current prices

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m

CAD (BPM5)
-28 233
-21 401
-17 089
-22 183
-32 603
-30 985
-16 867
-18 553
-38 186
-45 590
-56 325
-52 627
-58 529
-72 504
Net change to Goods
178
218
215
170
96
252
188
379
351
157
129
-185
462
452
Net change to Services
-476
-448
-591
-804
-1 039
-882
-514
-795
-725
-700
-794
-649
-936
-1 470
Net changes to Primary income
287
222
117
-83
-332
-96
43
102
520
139
-84
-119
294
347
Net changes to Secondary income
587
589
583
463
1 198
141
460
489
603
352
259
-404
-302
188
CAD (BPM6)
-27 657
-20 820
-16 765
-22 437
-32 680
-31 570
-16 690
-18 378
-37 437
-45 642
-56 815
-53 984
-59 011
-72 987

Figure 1 - Current Account Deficit, BPM5 and BPM6 basis - current prices
Graph: Figure 1 - Current Account Deficit, BPM5 and BPM6 basis—current prices



THE GOODS ACCOUNT

Revisions to goods credits (exports) as a result of BPM6 and the data quality investigations mainly impact the non-rural goods category. The overall impact is not significant, although the size of the impact varies from year to year. Between 1994-95 and 2007-08 the size of the revisions ranges between -$390 million and +$163 million.

The revisions will result from:
  • goods subject to merchanting will be recorded under goods credits (merchanting had been recorded as a service) and incorporating a different definition of net merchanting.
  • repairs on goods no longer will be recorded as goods (included in services and named maintenance and repair services n.i.e.).
  • goods for processing no longer will be recorded as goods (the processing component is included in services and named manufacturing services on physical inputs owned by others).
  • goods procured in ports by carriers will be reviewed and reclassified from the other goods category to the non-rural goods category under general merchandise.
  • relatively small revisions as a result of data quality investigations.

3 Net changes to goods credits (exports), current prices

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m

Goods exports (BPM5)
67 101
76 146
80 934
88 538
85 783
97 625
120 231
120 940
115 803
109 473
127 867
154 425
169 514
182 818
Net change to Rural goods
1
5
-2
-4
-
30
-
30
22
-20
-
-
15
14
Net change to Non-rural goods
555
631
574
580
465
711
991
824
855
785
1 180
1 375
1 667
1 837
Net change to Other goods
-466
-473
-449
-531
-612
-681
-1 021
-727
-785
-820
-1 235
-1 765
-1 672
-1 717
Goods exports (BPM6)
67 191
76 309
81 057
88 583
85 636
97 685
120 201
121 067
115 895
109 418
127 812
154 035
169 524
182 952

- nil or rounded to zero (including null cells)

Figure 2 - Net goods credits (exports), BPM5 and BPM6 basis - current prices
Graph: Figure 2 - Net goods credits (exports), BPM5 and BPM6 basis—current prices


All goods debits (imports) series will be revised with the introduction of BPM6 and the data quality investigations. The overall impact will not be significant, although the size of the impact will vary from year to year. Between 1994-95 and 2007-08 the size of the revisions ranges between -$55 million and -$452 million.

The revisions will result from:
  • repairs on goods no longer will be recorded as goods (included in services and named maintenance and repair services n.i.e.).
  • goods for processing no longer will be recorded as goods (the processing component is included in services and named manufacturing services on physical inputs owned by others).
  • goods procured in ports by carriers will be reviewed and reclassified from the other goods category to the intermediate and other merchandise goods category under general merchandise.
  • goods will be valued on a Customs Value basis from 1989 onwards rather than on a Free on Board basis. Previously the Customs Value basis had only been used from 2006 onwards.

4 Net changes to goods debits (imports), current prices

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m

Goods imports (BPM5)
75 317
77 729
79 438
92 084
98 430
110 810
120 524
121 943
134 273
133 018
150 873
169 716
184 024
205 164
Net change to Consumption goods
22
37
26
303
207
42
49
52
59
48
64
58
-
-
Net change to Capital goods
31
11
-95
-54
-111
-154
-68
-7
-102
-39
38
80
9
-52
Net change to Intermediate and other merchandise goods
899
948
1 355
1 557
103
371
1 128
871
1 035
904
1 194
1 523
1 651
1 890
Net change to Other goods
-1 040
-1 051
-1 378
-1 931
-442
-451
-1 327
-1 168
-1 251
-1 125
-1 480
-1 866
-2 112
-2 156
Goods imports (BPM6)
75 229
77 674
79 346
91 959
98 187
110 618
120 306
121 691
134 014
132 806
150 689
169 511
183 572
204 846

- nil or rounded to zero (including null cells)

Figure 3 - Net goods debits (imports), BPM5 and BPM6 basis - current prices
Graph: Figure 3 - Net goods debits (imports), BPM5 and BPM6 basis—current prices



THE SERVICES ACCOUNT

Introducing revised standards and results of the data quality investigations will have a greater impact on services than on goods in both absolute and percentage terms. The size of the impact varies from year to year. BPM6 introduces a new series, pension funds service charge, and a number of series will be revised including transport freight services, insurance service charge and financial services including financial intermediation services indirectly measured (FISIM).

The revisions will result from:
  • the exclusion of merchanting services (credits only).
  • the inclusion of maintenance and repair services n.i.e..
  • the inclusion of manufacturing services on physical inputs owned by others.
  • introduction of new or revised models for estimating:
      • pension funds service charge,
      • insurance service charge,
      • transport freight services (debits),
      • financial services including FISIM.

In addition, more detailed services classifications will be introduced to align with the Manual on Statistics of International Trade in Services and the Extended Balance of Payments Services classification.

Between 1994-95 and 2007-08, the impact on services credits will range between -$435 million and +$162 million (table 5). The major changes will be due to the removal of merchanting services and the introduction of new models for: insurance service charge; pension funds service charge; and financial services including FISIM.

Between 1994-95 and 2007-08, the impact on services debits will range between +$265 million and +$1,080 million (table 6). The major changes will be due to the introduction of: new models for transport freight services; insurance service charge; pension funds service charge; and financial services including FISIM; and the inclusion of maintenance and repair services n.i.e..

In most years services debits will increase more than services credits.

5 Net changes to services credits (exports), current prices

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m

Services exports (BPM5)
21 002
23 329
25 157
26 594
28 312
30 810
35 932
35 162
35 987
37 746
39 695
41 849
46 181
51 035
Net change to Manufacturing services
22
16
17
23
40
20
20
9
22
20
63
107
121
77
Net change to Maintenance and repairs
18
19
27
44
63
54
60
54
60
75
67
74
90
103
Net change to Transport
93
101
98
-163
-92
15
22
14
-10
-65
-61
-22
-71
-118
Net change to Insurance and pension services
47
56
59
83
95
104
-39
-203
-215
-266
-293
-374
-391
-376
Net change to Financial services
130
241
233
4
-194
-253
-81
-6
42
-47
-47
160
127
37
Net change to Other changes
-242
-271
-344
-46
-186
-296
-206
-242
-165
-152
-135
-153
-101
-113
Services exports (BPM6)
21 070
23 491
25 247
26 539
28 038
30 454
35 708
34 788
35 721
37 311
39 289
41 641
45 956
50 645

Figure 4 - Services credits (exports), BPM5 and BPM6 basis - current prices
Graph: Figure 4 - Services credits (exports), BPM5 and BPM6 basis—current prices

6 Net changes to services debits (imports), current prices

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m

Services imports (BPM5)
22 579
23 678
24 570
27 162
29 089
30 579
33 801
33 135
33 463
35 696
39 315
41 078
44 428
52 250
Net change to Manufacturing services
4
9
8
15
24
29
22
11
14
15
9
5
3
7
Net change to Maintenance and repairs
32
35
63
76
112
95
168
242
251
219
171
115
131
97
Net change to Transport
424
406
494
655
656
605
239
284
328
360
306
330
372
417
Net change to Insurance and pension services
117
140
123
157
134
53
-9
-82
-183
-375
-287
-197
-121
71
Net change to Financial Services
93
95
63
-52
-78
-144
-41
101
173
223
322
362
443
593
Net change to Other changes
-126
-75
-70
-102
-83
-112
-89
-135
-124
-177
-133
-174
-117
-105
Services imports (BPM6)
23 123
24 288
25 251
27 911
29 854
31 105
34 091
33 556
33 922
35 961
39 703
41 519
45 139
53 330

Figure 5 - Services debits (imports), BPM5 and BPM6 basis - current prices
Graph: Figure 5 - Services debits (imports), BPM5 and BPM6 basis—current prices



INCOME ACCOUNT

Income and current transfers will be replaced by primary income and secondary income, respectively.


PRIMARY INCOME

The changes to primary income will derive primarily from the inclusion of reinvested earnings on investment funds, detailed in chapter 9, together with new or revised models for insurance, pension funds and FISIM as detailed in chapters 10 to 12. Table 7 shows that net primary income will increase by about $350 million (-0.7%) in 2007-08.

7 Primary income, current prices

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
Primary income
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m

Net primary income (BPM5)
-18 117
-19 533
-19 151
-18 091
-18 430
-18 249
-18 737
-19 667
-22 195
-23 840
-33 330
-37 458
-45 433
-48 601
Net changes to Reinvested Earnings
305
180
54
-124
-436
-198
-141
15
411
-10
-150
-232
146
205
Net changes to FISIM
-56
5
22
-7
19
23
113
42
21
53
-31
-85
-95
-76
Net changes to pension income
33
34
32
41
78
65
55
28
69
80
96
175
204
177
Net changes to insurance income
-4
-8
-4
-8
-11
-8
-9
-8
-12
-20
-37
-25
-22
-4
Net changes to CoE
9
11
13
15
18
22
25
25
31
36
38
48
61
45
Net primary income (BPM6)
-17 830
-19 311
-19 034
-18 174
-18 762
-18 345
-18 694
-19 565
-21 675
-23 701
-33 414
-37 577
-45 139
-48 254

Figure 6 - Net changes to primary income, current prices
Graph: Figure 6 - Net changes to primary income, current prices



SECONDARY INCOME

The term secondary income will be introduced with BPM6 with further dissection by type of transfers to be recorded as supplementary items. Changes to secondary income will be the result of:
  • the workers' remittances item will be replaced with personal transfers, which is broader in scope, and workers' remittances becoming a supplementary item. Workers' remittances debits will be the only component of personal transfers currently measured and a new methodology will be introduced. An Information Paper : Estimation of Workers' Remittances based on Balance of Payments Manual & International Investment Position sixth Edition (cat.no. 5302.0.55.003) describing the new methodology was released on 14 August 2009;
  • the other transfers item will be named other current transfers. This item has two components:
      • non-life insurance transfers component which will be named non-life insurance premiums and claims and include the results of a revised methodology (see chapter 11)
      • other revisions which will be introduced to the other component of other transfers including changes to social contributions and social benefits from the introduction of pensions into the international accounts (see chapter 10).

Net secondary income under BPM5 standards was -$342 million, under BPM6 this will increase to -$154 million (table 8).

8 Changes to secondary income, current prices

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m

Net secondary income (BPM5)
-323
64
-21
22
-749
218
32
90
-45
-255
-369
-649
-339
-342
Net change to Net secondary income
587
589
583
463
1 198
141
460
489
603
352
259
-404
-302
188
Net secondary income (BPM6)
264
653
562
485
449
359
492
579
558
97
-110
-1 053
-641
-154
Secondary income credits(BPM5)
3 024
3 292
3 540
3 993
4 498
4 625
4 453
4 381
4 297
4 191
4 268
4 602
5 155
5 264
Net change to Secondary income credits
782
810
2 164
1 923
1 598
1 437
1 240
795
910
701
685
619
671
794
Secondary income credits(BPM6)
3 806
4 102
5 704
5 916
6 096
6 062
5 693
5 176
5 207
4 892
4 953
5 221
5 826
6 058
Secondary income debits (BPM5)
3 347
3 228
3 561
3 971
5 247
4 407
4 421
4 291
4 342
4 446
4 637
5 251
5 494
5 606
Net change to Secondary income debits
195
221
1 581
1 460
400
1 296
780
306
307
349
426
1 023
973
606
Secondary income debits (BPM6)
3 542
3 449
5 142
5 431
5 647
5 703
5 201
4 597
4 649
4 795
5 063
6 274
6 467
6 212

Figure 7 - Net secondary income, BPM5 and BPM6 basis - current prices
Graph: Figure 7 - Net secondary income, BPM5 and BPM6 basis—current prices



FINANCIAL ACCOUNT

Table 9 summarises changes to the financial account as a result of:
  • a new model for insurance technical reserves. Changes in insurance technical reserves due to changes in the prepayments of insurance premiums and changes in claims incurred but not yet paid will be captured as transactions in the financial account.;
  • pension fund assets attributable to non-residents are explicitly modelled and changes due to contributions and the payment of benefits will be included in the financial account;
  • reinvested earnings on investment funds will be explicitly modelled and included in transactions in the Financial account as an offset to the corresponding income in the primary income account; and
  • a new model for the treatment of changes due to migration. When migrants become resident of a new country they are assumed to leave assets in their former country of residence. This establishes an international investment position. Assets that are progressively transferred to the new country of residence will be captured as transactions in the financial account. This will replace the migrants transfers item in the capital account.

Further details of these changes are provided in chapters 10,11 and 13. In addition, the financial account will be revised due to BPM6 presentation being on a gross basis (directional principle) and re-balancing of the accounts.

9 Transactions in the Financial Account
Transactions
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m

Total Foreign Assets (BPM5)
-4 123
19 024
19 929
16 692
19 139
24 478
50 943
50 038
29 374
43 936
-39 664
100 625
136 404
92 260
Reinvested earnings
470
424
304
287
98
299
372
610
840
673
580
580
1 005
980
Insurance Assets
45
14
104
178
-17
8
65
48
82
83
-96
44
-79
-137
Pensions Assets
287
324
359
535
640
628
351
300
451
602
725
1 263
1 131
528
Changes to assets due to migration
-1 454
-1 753
-1 810
-1 763
-1 943
-2 320
-2 859
-2 990
-3 184
-4 293
-5 297
-6 341
-7 852
-8 628
Total Foreign Assets (BPM6)
-4 775
18 033
18 886
15 929
17 917
23 093
48 872
48 006
27 563
41 001
-43 752
96 171
130 609
85 003
Total Foreign Liabilities (BPM5)
24 298
36 839
37 482
41 334
49 252
55 535
67 223
69 188
66 845
88 624
16 131
152 590
193 470
160 408
Reinvested earnings
165
244
250
411
534
497
513
595
429
683
730
812
860
775
Insurance Liabilities
60
193
141
149
50
-54
75
197
60
-77
-155
-490
-350
1
Pensions Liabilities
81
76
96
138
238
244
-29
-119
9
149
199
623
475
-296
Changes to liabilities due to migration
-499
-580
-629
-674
-772
-948
-1 172
-1 312
-1 461
-2 196
-2 506
-2 687
-3 250
-3 679
Total Foreign Liabilities (BPM6)
24 105
36 772
37 340
41 358
49 302
55 274
66 610
68 549
65 882
87 183
14 399
150 848
191 205
157 209
Financial Account (BPM5)
28 421
17 815
17 553
24 642
30 113
31 057
16 280
19 150
37 471
44 688
55 795
51 965
57 066
68 148
Financial Account (BPM6)
28 880
18 739
18 454
25 429
31 385
32 181
17 738
20 543
38 319
46 182
58 151
54 677
60 596
72 206



Both pension assets and changes in assets due to migration are highly correlated to migration estimates. Australia usually has higher numbers of permanent immigrants than residents departing permanently. This is particularly the case in 1997-98 and between 2004-05 and 2007-08 reflected in the increase in transactions for pension assets held and changes in assets due to migration over this period.

Figure 8 - Financial Account, BPM5 and BPM6 basis
Graph: Figure 8 - Financial Account, BPM5 and BPM6 basis


Figure 9 - Transactions in the Financial Account, Total Foreign Assets - BPM5 and BPM6 basis
Graph: Figure 9 - Transactions in the Financial Account, Total Foreign Assets—BPM5 and BPM6 basis


Figure 10 - Transactions in the Financial Account, Total Foreign Liabilities - BPM5 and BPM6 basis
Graph: Figure 10 - Transactions in the Financial Account, Total Foreign Liabilities—BPM5 and BPM6 basis



INTERNATIONAL INVESTMENT POSITION

The changes as a result of BPM6 will decrease Australia's net international investment liability by about $13.8 billion (2%) at 30 June 2008. The changes were driven by the following:
  • insurance technical reserves will now be explicitly modelled and included in the international investment position;
  • pension fund assets attributable to non-residents will be explicitly modelled and included in the international investment position; and
  • a new model for the treatment of changes due to migration. When migrants become resident of a new country they are assumed to leave assets in their former country of residence which will establishe an international investment position.

Further details are provided in chapters 10,11 and 13.

10 International Investment Position

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
Assets
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m

Total Foreign Assets (BPM5)
184 783
193 387
229 768
299 528
325 163
426 176
488 144
518 514
529 797
638 398
643 626
830 906
1 016 566
1 048 612
Insurance Assets
383
456
510
567
587
566
595
665
714
900
1 049
1 135
1 240
1 403
Pension Assets
1 590
1 919
2 200
3 186
3 482
3 548
3 701
4 089
5 105
6 829
9 146
12 664
14 491
12 276
Changes to assets due to migration
639
743
711
701
828
995
1 243
1 165
1 346
1 964
2 222
2 747
3 403
3 483
Total Foreign Assets (BPM6)
187 395
196 505
233 189
303 982
330 060
431 285
493 683
524 433
536 962
648 091
656 043
847 452
1 035 700
1 065 774
Total Foreign Liabilities (BPM5)
440 293
468 698
519 924
596 466
646 818
754 946
853 701
883 695
945 701
1 091 724
1 150 064
1 372 779
1 644 695
1 724 482
Insurance Liabilities
1 001
1 194
1 335
1 484
1 534
1 480
1 555
1 752
1 812
1 735
1 580
1 090
740
741
Pension Liabilities
187
219
267
312
357
440
470
489
514
611
696
852
1 119
1 076
Changes to liabilities due to migration
211
246
256
279
329
413
506
537
616
1 053
969
1 145
1 403
1 517
Total Foreign Liabilities (BPM6)
441 692
470 357
521 782
598 541
649 038
757 279
856 232
886 473
948 643
1 095 123
1 153 309
1 375 866
1 647 957
1 727 816
Net International Investment Position (BPM5)
255 510
275 311
290 156
296 938
321 655
328 770
365 557
365 181
415 904
453 326
506 438
541 873
628 129
675 870
Net International Investment Position (BPM6)
254 297
273 852
288 593
294 559
318 978
325 994
362 549
362 040
411 681
447 032
497 266
528 414
612 257
662 041



As is the case with the financial account, pension assets and changes in assets due to migration are highly correlated to migration estimates. Australia usually has higher numbers of permanent immigrants than residents departing permanently. This is particularly the case between 2004-05 and 2007-08 reflecting the increase in pension assets held and changes in assets due to migration over this period.

Figure 11 - Net International Investment Position, BPM5 and BPM6 basis
Graph: Figure 11 - Net International Investment Position, BPM5 and BPM6 basis


Figure 12 - Total Foreign Assets, BPM5 and BPM6 basis
Graph: Figure 12 - Total Foreign Assets, BPM5 and BPM6 basis


Figure 13 - Total Foreign Liabilities, BPM5 and BPM6 basis
Graph: Figure 13 - Total Foreign Liabilities, BPM5 and BPM6 basis



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