REVISIONS


SUMMARY OF REVISIONS SINCE THE LAST ISSUE OF THIS PUBLICATION

Table 36 summarises revisions, in original current price terms, since the last issue of this publication, for the last three years and six quarters.

Incorporation of the latest survey and administrative data has resulted in revisions to the balance of payments and international investment position series back to September quarter 2010. In original current price terms, these revisions have:

• increased the 2010-11 current account deficit by $2,666m
• increased the 2011-12 current account deficit by $2,845m
• increased the 2012-13 current account deficit by $2,592m
• increased the current account deficit for December quarter 2012 by $689m
• increased the current account deficit for March quarter 2013 by $908m
• increased the current account deficit for June quarter 2013 by $541m
• increased the current account deficit for September quarter 2013 by $103m
• decreased the current account deficit for December quarter 2013 by $399m
• increased the current account deficit for March quarter 2014 by $1,950m
• decreased Australia's net IIP liability by $2,652m to a net liability position of $847,759m at 31 March 2014.

The full time series for the revisions are available in table 36, Summary of revisions, from the 'Download' tab of this issue.

Seasonally adjusted and trend series have been revised due to the incorporation of revised estimates and estimates for the latest quarter.

In seasonally adjusted terms, the revisions decreased the volume surplus on goods and services by $837m (6%) for the March quarter 2014.

Revisions were made to inputs deriving estimates associated with persons changing residency from September quarter 2010 to March quarter 2014. These revisions predominantly affect market price and exchange rate changes.

This issue will include revised estimates derived from the improved data collection from nominee companies from September quarter 2010 to March quarter 2014. The revised estimates will fully align estimates from the nominee collection to Standard Economic Sector Classifications of Australia (SESCA), 2008 (cat. no. 1218.0) and Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006 (cat. no. 1292.0) and provide a fully counterpart country profile associated with the purchase or sale of securities through nominee companies.

Other revisions are due to quality assurance reviews of the compilation of published estimates and through data providers to the ABS Survey of International Investment.