5302.0 - Balance of Payments and International Investment Position, Australia, Mar 2015 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 02/06/2015   
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VALUE ADJUSTMENTS

Goods credits data presented in this publication are based on information provided by exporters to the Australian Customs and Border Protection Service (Customs and Border Protection). At the time of initial reporting to Customs and Border Protection, quantity and unit price information may be estimated for commodities such as iron ore and coal. Final quantity and/or unit price information is updated progressively as exporters revise the information provided to Customs and Border Protection. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the balance of payments series in current price, original terms to reflect actual transaction values.

For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to Customs and Border Protection. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Iron ore adjustments are applied on an international merchandise trade basis at the Australian Harmonized Export Commodity Classification (AHECC) level and flow through to balance of payments data. Coal, coke and briquettes are adjusted on a balance of payments basis in current price, original terms. When actual final transaction prices become available estimates are replaced with these data.

In most instances, transfer of ownership occurs when goods cross the customs frontier. In certain circumstances the ownership of large value capital expenditure items can occur prior to the items crossing the customs frontier. The ABS may adjust the relevant balance of payments series to record the timing when transfer of ownership was effected.


GOODS CREDITS

Coal (in original terms)

  • a negative $140m adjustment has been applied to coal, coke and briquettes in the balance of payments series for March quarter 2015. All previous adjustments have been removed.


GOODS DEBITS

Capital expenditure (in original terms)
  • the balance of payments goods debits component capital goods n.e.s. includes an estimate of expenditure on capital goods that have changed ownership but have not yet crossed the Customs frontier.