5302.0 - Balance of Payments and International Investment Position, Australia, Dec 2015 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/03/2016   
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REVISIONS


The following goods and services components have been revised since the release of the December 2015 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0).

  • capital goods n.e.s. component of goods debits, revised back to June quarter 2015
  • machinery and industrial equipment component of goods debits, revised in December quarter 2015
  • other transport component of services debits, revised back to September quarter 2014
  • other professional services component of services debits, revised in December quarter 2015
  • engineering services component of services debits, revised in June quarter and December quarter 2015.


SUMMARY OF REVISIONS SINCE THE LAST ISSUE OF THIS PUBLICATION

Table 28 summarises revisions, in original current price terms, since the last issue of this publication.

Incorporation of the latest survey and administrative data has resulted in revisions to the balance of payments series back to September quarter 2014. In original current price terms, these revisions have:
  • increased the 2014-15 current account deficit by $964m
  • increased the current account deficit for September quarter 2014 by $198m
  • decreased the current account deficit for December quarter 2014 by $47m
  • increased the current account deficit for March 2015 quarter by $129m
  • increased the current account deficit for June 2015 quarter by $684m.
  • increased the current account deficit for September 2015 quarter by $1,084m.

The International Investment Position (IIP) has been revised back to September quarter 2014. These revisions have increased Australia's net IIP liability of $1,689m to a net liability position of $924,460m at 30 September 2015.

Seasonally adjusted and trend series have been revised due to the incorporation of revised estimates and the incorporation of estimates for the latest quarter.

In seasonally adjusted terms, the revisions increased the volume surplus on goods and services by $204m (2%) for the September quarter 2015.

Data in this issue aligns with the data in the December quarter 2015 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 2 March 2016.