5302.0 - Balance of Payments and International Investment Position, Australia, Dec 2016 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 28/02/2017   
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REVISIONS


The following goods and services components have been revised since the release of the December 2016 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0).

  • capital goods n.e.s. component of goods debits, revised in December quarter 2016
  • architectural, engineering and other technical services component of services debits, revised in December quarter 2016.


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 2015. In original current price terms, these revisions have:
  • decreased the current account deficit for September quarter 2015 by $403m
  • increased the current account deficit for December quarter 2015 by $5m
  • decreased the current account deficit for March quarter 2016 by $9m
  • decreased the current account deficit for June quarter 2016 by $581m
  • decreased the current account deficit for September quarter 2016 by $844m.

The International Investment Position (IIP) has been revised back to September quarter 2015. Major contributors to the revisions were due to late forms, the addition of units to the frame and revised data from reporting units. These revisions have decreased Australia's net IIP liability $1,867m to a net liability position of $1,041,412m at 30 September 2016.

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 $863m for the September quarter 2016.

Data in this issue aligns with the data in the December quarter 2016 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 1 March 2017.