CHANGES IN THIS ISSUE
ANNUAL SEASONAL RE-ANALYSIS
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. For more information about seasonal adjustment see paragraphs 11 to 15 of the Explanatory notes.
NEW BASE YEAR AND RE-REFERENCING OF CHAIN VOLUME ESTIMATES, IMPLICIT PRICE DEFLATORS AND TERMS OF TRADE INDEXES
A new base year 2010-11, has been introduced into chain volume estimates, implicit price deflators and terms of trade indexes. In addition, chain volume estimates, implicit price deflators and terms of trade indexes have been re-referenced to 2010-11. Additivity has been preserved in the quarters subsequent to the new reference year as well as the annual sum of the quarters in the reference year. Re-referencing affects the levels, but not the movements, of chain volume estimates, implicit price deflators and terms of trade indexes. This does not apply to balance on goods and services where the components have been re-referenced separately.
Quantity revaluation is used for selected goods credits components. The relative values used by quantity revaluation for all quarters from September quarter 2010 have been updated to 2010-11 prices, replacing the relative values for 2009-10 used in the June quarter 2012 issue. This has resulted in revisions to the growth rates of chain volume estimates, implicit price deflators and terms of trade indexes for all periods from September quarter 2010.
SELECTED INTERNATIONAL ACCOUNTS RATIOS - TABLE 35 (TIME SERIES SPREADSHEETS TABLES 35 AND 85)
The updated annual GDP and GNI benchmarks released in the Australian System of National Accounts, 2011-12 (cat. no. 5204.0) on 2 November 2012 will be revised and incorporated into the quarterly national accounts with the September quarter 2012 issue of Australian National Accounts: National Income Expenditure and Product (cat. no. 5206.0) to be released on 5 December 2012. The revised benchmarks will change the level of the quarterly and annual GDP and GNI used in the ratios for Table 35 (time series spreadsheets Tables 35 and 85) of this publication. As the ratios using the currently available GDP and GNI would be inconsistent with the revised data, the ratios have been suppressed in this issue. Tables 35 and 85 in the Time Series spreadsheets released in conjunction with this publication will be updated with the release of the quarterly National Accounts on 5 December 2012.