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CHANGES IN THIS ISSUE
NEW GOODS DEBITS LOW VALUE TRADE ADJUSTMENT
From this issue, a new adjustment has been introduced to include in Balance of Payments goods debits estimates, imports under the Australian Customs and Border Protection Service low value threshold, lodged without a full imports declaration. The introduction of this new adjustment has resulted in revisions back to September quarter 1998.
A technical note included in the August 2013 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0) describes the data sources and methodology used for calculating this new adjustment as well as the impact on the goods debits series. Further information is available in the Information Paper: Measurement of Online Retail Trade in Macroeconomic Statistics, 2013 (cat. no. 8501.0.55.007).
A range of updated and revised survey and administrative data has resulted in revisions to travel credits and debits from 1997-98. The most significant changes are outlined below.
Education-related travel credits have been revised between September quarter 2004 and June quarter 2010 to reflect revised benchmark survey data for student expenditure. Average expenditure per student on goods and services is sourced from the International Student Survey conducted by Universities Australia. This survey was conducted in 1997, 2004 and 2010. The revised benchmarks from the 2010 survey have been gradually incorporated into published estimates as ABS policy, governing the revision of macroeconomic series, has allowed.
Other personal travel debits have been revised from December quarter 1998 to reflect revised outbound expenditure items sourced from the National Visitor Survey, conducted by Tourism Research Australia.
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.
RE-REFERENCING OF CHAIN VOLUME ESTIMATES, IMPLICIT PRICE DEFLATORS, AND TERMS OF TRADE INDEXES
Chain volume estimates, implicit price deflators, and terms of trade indexes have been re-referenced to 2011-12. 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 the balance on goods and services where the components have been re-referenced separately.
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 2011.
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, 2012-13 (cat. no. 5204.0) on 1 November 2013 will be revised and incorporated into the quarterly national accounts with the September quarter 2013 issue of Australian National Accounts: National Income Expenditure and Product (cat. no. 5206.0) to be released on 4 December 2013. 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 4 December 2013.
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