5302.0 - Balance of Payments and International Investment Position, Australia, Dec 2017 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/03/2018   
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REVISIONS


The following goods and services components have been revised since the release of the December 2017 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0):

  • capital goods n.e.s. component of goods debits, revised in the December quarter 2017
  • architectural, engineering and other technical services component of services debits, revised in the December quarter 2017.


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 the September quarter 2016. In original current price terms, these revisions have:
  • increased the current account deficit for the September quarter 2016 by $1,676m
  • increased the current account deficit for the December quarter 2016 by $1,801m
  • increased the current account deficit for the March quarter 2017 by $644m
  • increased the current account deficit for the June quarter 2017 by $823m
  • increased the current account deficit for the September quarter 2017 by $1,653m.

The International Investment Position (IIP) has been revised back to the September quarter 2016. As a result, Australia's net IIP liability as at 30 September 2017 decreased by $500m to a liability position of $958,350m. The financial account surplus has been revised down by $1,418m from $14,183m to $12,765m as at September quarter 2017.

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 deficit on goods and services by $1,280m for the September quarter 2017.

Data in this issue aligns with the data in the December quarter 2017 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 7 March 2018.