The transfers of other sectors are measured through both administrative and survey information relating to migrants. However, in some instances, such as foreign investment in tradable securities registered with domestic nominees, the transactions information is estimated by the ABS based on nominee holdings on behalf of nonresidents which is reported quarterly, together with public information on price changes for the relevant security portfolios. The paper includes numerical analyses of revisions performance, estimates of the impact of revisions on movements between periods, detailed assessments of balancing items, some subjective assessments of quality, and documents the range of quality assurance practices that are adopted. While the analyses in that paper pre-date the substantial upgrading of the Australian balance of payments statistics that accompanied the transition to BPM5, much of the analyses have general applicability. The numerical analyses will be updated once a sufficient period of BPM5 compilation has been undertaken to draw meaningful conclusions.
Verification is undertaken in a variety of contexts.
Bilateral trade data exchanges are undertaken with major trading partners. To date, neither of these verification processes has necessitated any revision to balance of payments goods statistics. A variety of validations are undertaken. For example, withholding taxes on royalty remittances abroad are used to monitor coverage of the associated services. Administrative sources, such as detailed air transport statistics for each domestic and foreign airline's passenger and cargo traffic into and out of Australia, by route, are used to monitor the coverage and quality of reporting in transportation surveys.