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5302.0 - Balance of Payments and International Investment Position, Australia, Sep 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 02/12/2008   
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CHANGES IN THIS ISSUE


MAJOR CHANGES TO STATISTICS PRESENTED BY COMMODITY

This issue introduces major changes to the product classifications used to present statistics on a Balance of Payments basis in this publication and related time series spreadsheets and on a Recorded trade basis in time series spreadsheets. The changes result from:

  • replacing Standard International Trade Classification Revision 3 (SITC Rev 3) with Standard International Trade Classification Revision 4 (SITC Rev 4)
  • updating the correspondences used to compile statistics on a Balance of Payments Broad Economic Category (BoPBEC) and Balance of Payments Commodity of Exports (BoPCE) basis
  • providing additional detail for transportation services credits and debits.

Statistics presented according to the updated correspondences are called BoPBEC Rev 1 and BoPCE Rev 1, respectively.

The changes made to statistics presented on a Balance of Payments basis include:
  • all goods data are presented according to BoPBEC Rev 1 or BoPCE Rev 1 i.e. estimates have been revised back to September quarter 1993 on the basis of the updated correspondences to maintain consistency in the time series
  • data for passenger and other transportation services has been split into 'passenger transportation' and 'other transportation' services
  • time series spreadsheet titles and data item descriptions have been modified to improve consistency.

Time series tables 103, 104, 107 and 108 use SITC Rev 4 to present chain volume measures and implicit price deflators on a Recorded trade basis for all time periods.

For further details about the introduction of SITC Rev 4 and the impact on related classifications, refer to the Information Paper: Impact of introducing Revision 4 of the Standard International Trade Classification, 2008 (cat. no. 5368.0.55.010).


CONFIDENTIALITY RESTRICTIONS

As advised in the September 2008 issue of International Trade In Goods and Services, Australia (cat. no 5368.0), the method used to confidentialise data for imports of goods has changed. The change particularly impacts on Recorded trade statistics by country, by state and by mode of transport. For the Balance of Payments series, the confidential item presented in goods debits is included in the civil aircraft series for the September 2008 reference month and will be reflected in the quarterly from September quarter 2008. For previous periods, including the first two months of the September quarter, the confidential item is included in the other merchandise goods series.

This change impacts on the presentation of publication tables 8, 10, 12, 14, and the equivalent time series spreadsheets.


SEASONALLY ADJUSTED AND TREND ESTIMATES

The seasonally adjusted and trend estimates of goods and services have been revised as a result of the annual seasonal reanalysis which reviews the seasonal and trading day factors in more detail than possible in the quarterly processing cycle and assesses the appropriateness of any prior corrections. The main changes were:
  • the trend break applying to the coal, coke and briquettes component for June quarter 2008 has been revised from $2,880m to $6,000m
  • the cautionary footnote has been removed from the good debits, seasonally adjusted series for organic and inorganic chemicals
  • a cautionary footnote has been added to the good debits, seasonally adjusted series for plastics
  • passenger and other transportation services has been split into 'passenger transportation' and 'other transportation' services
  • tourism related services are no longer directly seasonally adjusted, these series are now indirectly seasonally adjusted as the sum of total travel services and passenger transportation services.


CHAIN VOLUME ESTIMATES

A new base year, 2006-07, has been introduced into the chain volume estimates in respect of 2007-08 and 2008-09 which has resulted in minor revisions to quarterly growth rates in 2007-08. In addition, the chain volume estimates have been re-referenced to 2006-07. Additivity is preserved in the quarters of the reference year and subsequent quarters. Re-referencing affects the level of, but not the movements in, chain volume estimates.


SELECTED INTERNATIONAL ACCOUNTS RATIOS - TABLE 35

Ratios of current account and international investment measures to both annual and annualised (i.e. four quarter moving average ending on the reference quarter) GDP are normally presented in Table 35. The updated annual GDP benchmarks released on 31 October 2008 in the Australian System of National Accounts, 2007-08 (cat. no. 5204.0) have been used in the annual ratios presented in this issue. These benchmarks will be incorporated into the quarterly national accounts with the September quarter 2008 issue of Australian National Accounts: National Income and Expenditure (cat. no. 5206.0) to be released on 3 December 2008. The introduction of these benchmarks will change the level of the quarterly GDP used in the annualised ratios. Therefore, annualised ratios using the currently available quarterly GDP would be inconsistent with the annual ratios and have been suppressed in this issue. Table 35 in the Time Series data released in conjunction with this publication will be updated with the release of the quarterly national accounts.


CHANGES IN TIME SERIES SPREADSHEETS

Listed below are the Series IDs which will be introduced to or deleted from the Time Series Spreadsheets with this issue.


TABLE 17

SERVICES, Summary: Seasonally Adjusted and Trend Estimates

The following Series IDs have been deleted:
  • A2061386F (Passenger and other services credits - seasonally adjusted)
  • A2061394F (Passenger and other services debits - seasonally adjusted)
  • A2061400R (Passenger and other services credits - trend estimates)
  • A2061408J (Passenger and other services debits - trend estimates)

and replaced with 8 new Series IDs:
  • A2527566T (Passenger transportation services credits - seasonally adjusted)
  • A2527568W (Other transportation services credits - seasonally adjusted)
  • A2527570J (Passenger transportation services debits - seasonally adjusted)
  • A2527572L (Other transportation services debits - seasonally adjusted)
  • A2527567V (Passenger transportation services credits - trend estimates)
  • A2527569X (Other transportation services credits - trend estimates)
  • A2527571K (Passenger transportation services debits - trend estimates)
  • A2527573R (Other transportation services debits - trend estimates)


TABLE 18

SERVICES CREDITS, Chain Volume Measures and Indexes

The following Series IDs have been deleted:
  • A2061314V (Passenger and other services credits - chain volume measures - original)
  • A2061332X (Passenger and other services credits - chain volume measures - seasonally adjusted)
  • A2061315W (Passenger and other services credits - implicit price deflators - original)
  • A2061333A (Passenger and other services credits - implicit price deflators - seasonally adjusted)

and replaced with 8 new Series IDs:
  • A2527590T (Passenger transportation services credits - chain volume measures - original)
  • A2527592W (Other transportation services credits - chain volume measures - original)
  • A2527591V (Passenger transportation services credits - chain volume measures - seasonally adjusted)
  • A2527593X (Other transportation services credits - chain volume measures - seasonally adjusted)
  • A2527586A (Passenger transportation services credits - implicit price deflators - original)
  • A2527588F (Other transportation services credits - implicit price deflators - original)
  • A2527587C (Passenger transportation services credits - implicit price deflators - seasonally adjusted)
  • A2527589J (Other transportation services credits - implicit price deflators - seasonally adjusted)


TABLE 19

SERVICES DEBITS, Chain Volume Measures and Indexes

The following Series IDs have been deleted:
  • A2061354L (Passenger and other services debits - chain volume measures - original)
  • A2061372T (Passenger and other services debits - chain volume measures - seasonally adjusted)
  • A2061355R (Passenger and other services debits - implicit price deflators - original)
  • A2061373V (Passenger and other services debits - implicit price deflators - seasonally adjusted)

and replaced with 8 new Series IDs:
  • A2527602R (Passenger transportation services debits - chain volume measures - original)
  • A2527604V (Other transportation services debits - chain volume measures - original)
  • A2527603T (Passenger transportation services debits - chain volume measures - seasonally adjusted)
  • A2527605W (Other transportation services debits - chain volume measures - seasonally adjusted)
  • A2527598K (Passenger transportation services debits - implicit price deflators - original)
  • A2527600K (Other transportation services debits - implicit price deflators - original)
  • A2527599L (Passenger transportation services debits - implicit price deflators - seasonally adjusted)
  • A2527601L (Other transportation services debits - implicit price deflators - seasonally adjusted)


TABLE 68

SERVICES CREDITS, Chain Volume Measures and Indexes, Financial Year

The following Series IDs have been deleted:
  • A2282869K (Passenger and other services credits - chain volume measures - original)
  • A2141866T (Passenger and other services credits - implicit price deflators - original)

and replaced with 4 new Series IDs:
  • A2527610R (Passenger transportation services credits - chain volume measures - original)
  • A2527611T (Other transportation services credits - chain volume measures - original)
  • A2527626J (Passenger transportation services credits - implicit price deflators - original)
  • A2527628L (Other transportation services credits - implicit price deflators - original)


TABLE 69

SERVICES DEBITS, Chain Volume Measures and Indexes, Financial Year

The following Series IDs have been deleted:
  • A2282874C (Passenger and other services debits - chain volume measures - original)
  • A2141884W (Passenger and other services debits - implicit price deflators - original)

and replaced with 4 new Series IDs:
  • A2527614X (Passenger transportation services debits - chain volume measures - original)
  • A2527615A (Other transportation services debits - chain volume measures - original)
  • A2527630X (Passenger transportation services debits - implicit price deflators - original)
  • A2527632C (Other transportation services debits - implicit price deflators - original)


TABLE 96

QUARTERLY COMBINED CURRENT PRICE SEASONAL ADJUSTMENT FACTORS AND FORWARD FACTORS FOR 4 QUARTERS

The following Series IDs have been deleted:
  • A2433368V (Services credits, Passenger and other seasonal factors)
  • A2433377W (Services debits, Passenger and other seasonal factors)

and replaced with 4 new Series IDs:
  • A2527574T (Services credits, Passenger transportation seasonal factors)
  • A2527575V (Services credits, Other transportation seasonal factors)
  • A2527576W (Services debits, Passenger transportation seasonal factors)
  • A2527577X (Services debits, Other transportation seasonal factors)

Series IDs A2433251R (Services credits, Tourism related services seasonal factors) and A2433252T (Services debits, Tourism related services seasonal factors) have been deleted from this issue as they are no longer directly seasonally adjusted. From this issue these series are indirectly seasonally adjusted for all time periods as the sum of total travel services and passenger transportation services.


TABLE 116

BALANCE OF PAYMENTS: SERVICES CREDITS AND DEBITS, Current prices, original and seasonally adjusted - Quarter

The following Series IDs have been deleted:
  • A2061313T (Passenger and other services credits - original)
  • A2061331W (Passenger and other services credits - seasonally adjusted)
  • A2061353K (Passenger and other services debits - original)
  • A2061371R (Passenger and other services debits - seasonally adjusted)

and replaced with 8 new Series IDs:
  • A2527594A (Passenger transportation services credits - original)
  • A2527596F (Other transportation services credits - original)
  • A2527595C (Passenger transportation services credits - seasonally adjusted)
  • A2527597J (Other transportation services credits - seasonally adjusted)
  • A2527606X (Passenger transportation services debits - original)
  • A2527608C (Other transportation services debits - original)
  • A2527607A (Passenger transportation services debits - seasonally adjusted)
  • A2527609F (Other transportation services debits - seasonally adjusted)


TABLE 216

BALANCE OF PAYMENTS: SERVICES CREDITS AND DEBITS, Current prices and chain volume measures, original - Financial year

The following Series IDs have been deleted:
  • A2144286A (Passenger and other services credits - current price)
  • A2144287C (Passenger and other services credits - chain volume measures)
  • A2144298K (Passenger and other services debits - current price)
  • A2144299L (Passenger and other services debits - chain volume measures)

and replaced with 8 new Series IDs:
  • A2527648W (Passenger transportation services credits - current price)
  • A2527649X (Other transportation services credits - current price)
  • A2527646T (Passenger transportation services credits - chain volume measures)
  • A2527647V (Other transportation services credits - chain volume measures)
  • A2527652L (Passenger transportation services debits - current price)
  • A2527653R (Other transportation services debits - current price)
  • A2527650J (Passenger transportation services debits - chain volume measures)
  • A2527651K (Other transportation services debits - chain volume measures)


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