三
Balance of Payments
, Introduction
三
·balance ofpayments systematic record
-
transactions of all economic
between the residents ofAustralia and the residents ofthe rest ofthe world
individuals, firms + government
↳ residents:
·
balance of payments includes all international transactions notjust
international
payments
something ofvalue
·economic transaction: is provided from one party to
another
↳ most transactions involve an
exchange
↳ traded for foreign exchange (money)
eg. good or service
·
economic transactions include:
-export import ofgoods
-export import of services
-
-
income flows -
dividend interest payments from foreign investment
-transfers-foreign and + funds broughtby migrants
-financial flows investments -
in shares securities
+
+ loans
·
Ans balance ofpayments divided into two broad accounts:current and
account
the financial and capital account
↳ most
important current +
=
financial account
·
current account:
transactions involving trade ofgoods + services as well as
income flows
·financial account transactions -
concerned with foreign +
investment international
lending
·capital account =
capital transfers aquisition/disposal
+
ofnon-produced, non-financial
assets (eg. copyrights)
↳ small and insignificant
account
Ans Bureau ofStatistics (ABS) records transactions using
internationally accepted
·
double entry recording system
transaction have two equal t
opposite entries inflow outflow element ofeach
-
.
exchange
each transaction has a
matching credit + debitentry
·
credit (positive entry) exports, recievable, foreign liabilities, export of
I
income
·
-
currency
Balance of Payments
, Introduction
三
·balance ofpayments systematic record
-
transactions of all economic
between the residents ofAustralia and the residents ofthe rest ofthe world
individuals, firms + government
↳ residents:
·
balance of payments includes all international transactions notjust
international
payments
something ofvalue
·economic transaction: is provided from one party to
another
↳ most transactions involve an
exchange
↳ traded for foreign exchange (money)
eg. good or service
·
economic transactions include:
-export import ofgoods
-export import of services
-
-
income flows -
dividend interest payments from foreign investment
-transfers-foreign and + funds broughtby migrants
-financial flows investments -
in shares securities
+
+ loans
·
Ans balance ofpayments divided into two broad accounts:current and
account
the financial and capital account
↳ most
important current +
=
financial account
·
current account:
transactions involving trade ofgoods + services as well as
income flows
·financial account transactions -
concerned with foreign +
investment international
lending
·capital account =
capital transfers aquisition/disposal
+
ofnon-produced, non-financial
assets (eg. copyrights)
↳ small and insignificant
account
Ans Bureau ofStatistics (ABS) records transactions using
internationally accepted
·
double entry recording system
transaction have two equal t
opposite entries inflow outflow element ofeach
-
.
exchange
each transaction has a
matching credit + debitentry
·
credit (positive entry) exports, recievable, foreign liabilities, export of
I
income
·
-
currency
