‘Errors & Omissions’ in the Reporting of Australia's Cross‐Border Transactions

Abstract

The study is motivated by the consideration that large and variable statistical discrepancies in key economic performance data and successive data revisions may distort the conduct of economic policy and its subsequent evaluation. Its specific object is the exploration of the statistical properties of Australia's cross‐border transactions records: the structural stability of reported errors & omissions and the convergence of reported transactions over successive revisions. The major positive findings are that there is only limited evidence of convergence of measured to true magnitudes of cross‐border transactions; that there is robust evidence of structural instability of the balancing item; and that financial sector transactions appear increasingly to constitute the major source of misreporting of balance of payments outcomes.

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