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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 69 to 75 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 2014-15 has been introduced into chain volume estimates, implicit price deflators, chain Laspeyres price and terms of trade indexes. These series have been re-referenced to 2014-15. 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 results in revisions to the growth rates of these series for all periods from September quarter 2014.
SELECTED INTERNATIONAL ACCOUNTS RATIOS - TABLE 23
The updated annual GDP and GNI benchmarks released in the Australian System of National Accounts, 2015-16 (cat. no. 5204.0) on 28 October 2016 will be revised and incorporated into the quarterly national accounts with the September quarter 2016 issue of Australian National Accounts: National Income Expenditure and Product (cat. no. 5206.0) to be released on 7 December 2016. The revised benchmarks will change the level of the quarterly and annual GDP and GNI used in the ratios for table 23 of this publication. As the ratios using the currently available GDP and GNI would be inconsistent with the revised data, they have been suppressed in this issue. Table 23 in the time series spreadsheets released in conjunction with this publication will be updated with the release of the quarterly Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) on 7 December 2016.
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