REVISIONS


The following goods and services components have been revised since the release of the March 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 March quarter 2016
• legal, accounting, management consulting, public relations and other professional services debits, revised in March quarter 2016
• architectural, engineering and other technical services debits, revised in March 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 2014. In original current price terms, these revisions have:

• decreased the 2014-15 current account deficit by $349m
• decreased the current account deficit for September quarter 2014 by $142m
• decreased the current account deficit for December quarter 2014 by $105m
• decreased the current account deficit for March 2015 quarter by $17m
• decreased the current account deficit for June 2015 quarter by $85m
• increased the current account deficit for September 2015 quarter by $1,211m
• increased the current account deficit for December 2015 quarter by $2,169m.

The International Investment Position (IIP) has been revised back to September quarter 2014. These revisions have increased Australia's net IIP liability of $17,148m to a net liability position of $960,795m at 31 December 2015.

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 decreased the volume surplus on goods and services by $630m (7%) for the December quarter 2015.

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