17.2 The general principles applying to the compilation of global balance of payments and international investment position statements for Australia can be applied to the preparation of statements for Australia’s transactions, or financial assets and liabilities, with an individual country or a group of countries. All that is necessary is to substitute a reference to residents of that country or group of countries for each reference to non-residents as a whole.
17.3 The following general principles are used in Australian balance of payments and international investment position statistics to allocate transactions and stocks between countries and country groupings. In accordance with the general principle of change of ownership which underlies the recording of such statistics, the country classification of goods is based on the country of the former owner for imports (although in practice this cannot always be met), and the country of the new owner for exports. Analogously, the country classification of services is based on the country of the provider or recipient, and the regional classification of income is based on the country earning the income or from which the income is earned. The country allocation of transfers is made according to the country of allocation of the one-sided transaction to which the transfer is an offset. (For example, the offset entry to an Australian donation of food aid abroad is allocated according to the country of residence of the new owner, the recipient of the food.) The country allocation of financial transactions and levels is based on the country of residence of the creditor in the case of Australia’s foreign liabilities, or of the debtor in the case of Australia’s foreign financial assets.