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5302.0 - Balance of Payments and International Investment Position, Australia, Sep 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 30/11/2010   
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CHANGES IN THIS ISSUE


CHANGES IN THIS ISSUE

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 re-analysis. This re-analysis reviews the seasonal and trading day factors in more detail than is possible in the quarterly processing cycle and assesses the appropriateness of any prior corrections. Trend break corrections applied to non-rural goods credits are described in Commodity price adjustment. Caution should be used when interpreting recent trend estimates as they may be affected by unusual economic factors. For more details on trend estimates, please see paragraph 14 of the explanatory notes.


Chain volume estimates, implicit price deflators and term of trade indexes

A new reference year 2008-09, has been introduced into the chain volume estimates, implicit price deflators and term of trade indexes. This has resulted in minor revisions to quarterly growth rates in 2009-10. Additivity has been preserved in the quarters subsequent to the reference year. Re-referencing affects the levels, but not the movements, of chain volume estimates, implicit price deflators and term of trade indexes.

Weights for goods credits have been revised for the period 1994-95 to 2005-06 and for 2008-09 to reflect the relative value of components in each year. Previously weights for these years were based on prices for 1989-90. This affects chain volume estimates, implicit price deflators and terms of trade indexes and has resulted in revisions to growth rates in these periods. Weights for 2006-07 and 2007-08 were already based on the relative value of components in each year.


Selected international accounts ratios - table 35

The updated annual GDP and GNI benchmarks released on 29 October 2010 in the Australian System of National Accounts, 2009-10 (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 2010 issue of Australian National Accounts: National Income and Expenditure (cat. no. 5206.0) to be released on 1 December 2010. The introduction of these benchmarks will change the level of the quarterly GDP and GNI used in the ratios. Therefore, the ratios using the currently available quarterly GDP and GNI would be inconsistent with the annual ratios and have been suppressed in this issue. Tables 35 and 85 in the Time Series data released in conjunction with this publication will be updated with the release of the quarterly national accounts.


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