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Balance of Payments and International Investment Position: June 2017 quarter
Embargoed until 10:45am  –  20 September 2017
Related links

Next releases

The Balance of Payments and International Investment Position: September 2017 quarter will be released on 20 December 2017.

Subscribe to information releases, including this one, by completing the online subscription form.

The release calendar lists all information releases by date of release.

Past releases

Balance of Payments and International Investment Position has links to past releases.

Data quality

Balance of Payments – data quality and revisions – DataInfo+ details of data quality and a detailed breakdown of our usual quarterly revisions.

Balance of Payments – data collection methodology – DataInfo+ details the general methodology used to produce balance of payments statistics.

Balance of Payments concepts – DataInfo+ provides the definitions of terms used in this release.

Annual revisions

In the June quarter of each year, we make revisions to the balance of payments and international investment position to make sure we are in line with international best practice.

See Preview of 2017 revisions to balance of payments and national accounts for more detail.

Inland Revenue data revisions in other investment income

Each June quarter, we update investment income estimates derived from Inland Revenue data to reflect the latest income tax returns. The Inland Revenue data is an undercoverage estimate for the overseas income of individuals, trusts, and small companies not included in surveys. We classify all Inland Revenue data to 'other investment income' as we cannot distinguish between the different types of income that make up this estimate.

The main factor contributing to the Inland Revenue revisions this year was an increase in investment income credits, to reflect updated income returns by companies, estates and trusts, partnerships, and individuals. It is common for taxpayers to re-file a return and update their information.

We revised the investment income data series from the June 2015 quarter onwards. Estimates for recent periods are based on rated-up data as there is approximately an 18-month lag in finalising the Inland Revenue income data.

The table below displays the Inland Revenue tax data revisions incorporated in the ‘other investment income’ component, as reported in table 7 of this release.

Other investment income

 

Quarter

 Credits

 Debits

Previously published 

Revised 

 Size of revision

 Previously published

 Revised

Size of
revision

NZ$(million)

June 2015

637

714

77

461

455

-7

September 2015

707

784

77

461

455

-7

December 2015

898

974

77

461

455

-7

March 2016

894

971

77

461

455

-7

June 2016

578

745

167

461

424

-37

September 2016

630

811

182

461

424

-37

December 2016

917

1,099

182

461 

424

-37

March 2017

894

1,075

182

461

424

-37

Overseas reinsurance claims from the Canterbury and Kaikōura earthquakes

Total international reinsurance claims from all Canterbury earthquakes are estimated at $21.1 billion.

At 30 June 2017, a total of $19.8 billion of these claims had been settled with overseas reinsurers, leaving $1.3 billion of claims outstanding. These outstanding insurance claims are included as assets in New Zealand's international investment position. See the table below for details.

Updated reinsurance claim estimates – all Canterbury earthquakes

Quarter

Reinsurance
claims

Settlements

Total outstanding claims at end of period

NZ$(million)

Sep 2010

6,510

0

6,510

Dec 2010

0

0

6,510

Mar 2011

13,555

59

20,006

Jun 2011

1,002

483

20,525

Sep 2011

0

892

19,633

Dec 2011

49

1,193

18,489

Mar 2012

0

1,361

17,129

Jun 2012

0

1,399

15,730

Sep 2012

0

1,362

14,367

Dec 2012

0

1,514

12,853

Mar 2013

0

1,010

11,843

Jun 2013

0

1,373

10,470

Sep 2013

0

1,343

9,127

Dec 2013

0

1,051

8,076

Mar 2014

0

1,184

6,891

Jun 2014

0

535

6,356

Sep 2014 

564

5,792

Dec 2014

0

 626

5,166

Mar 2015

0

605

 4,561

Jun 2015

 0

311

4,250

Sep 2015

0

254

3,996

Dec 2015

0

371

3,626

 Mar 2016

0

1044

2,581

 Jun 2016

0

643

1,938

 Sep 2016

0

191

1,747

 Dec 2016

290

1,457

 Mar 2017

 0

 107

 1,350

 Jun 2017

 0

 76

 1,274

 Total

21,116

19,842

1,274

Total international reinsurance claims from the November 2016 Kaikōura earthquakes are provisionally estimated at $1.1 billion. 

At 30 June 2017, a total of $75 million of these claims had been settled with overseas reinsurers, leaving $990 million of claims outstanding. These outstanding insurance claims are included as assets in New Zealand's international investment position. See the table below for details.

Updated reinsurance claim estimates – Kaikōura earthquakes

Quarter

Reinsurance
claims

Settlements

Total outstanding claims at end of period

NZ$(million)

Dec 2016

1,065

14

1,051

Mar 2017

 0

 18

1,031

 Jun 2017

 0

43

991

Total

1,065

75

991

We will continue to revise the settlements estimates for both Canterbury and Kaikōura earthquakes as the insurance industry provides us with updated information. 

Related information

Balance of payments page has more information.

Country fact sheets – summary of New Zealand's trade, investment, and migration relationships with selected countries and country groupings.

Global New Zealand – annual international trade, investment, and travel profiles produced in conjunction with the Ministry of Foreign Affairs and Trade.

Goods and Services Trade by Country – information on commodities and service types, by country, providing a comprehensive picture of trade between New Zealand and other countries.

Investment by country – investment flows between New Zealand and other countries, the stock of New Zealand's investment abroad, and stocks of investment in New Zealand held by other countries, at 31 March 2016.

International trade in services – New Zealand's trade in services with the rest of the world.

National accounts – statistics about economic aggregates such as gross domestic product, capital formation, and government and private consumption.

New Zealand's inward foreign affiliate statistics (published 2014) – compares characteristics and activities of foreign-owned firms with those that are domestically owned.

Overseas merchandise trade – statistical information on the importing and exporting of merchandise goods between New Zealand and other countries.

Overseas trade indexes – quarterly information about changes in the volumes (levels) and prices of imported and exported goods, and change in the terms of trade.

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