5302.0 - Balance of Payments and International Investment Position, Australia, Jun 2015 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/09/2015   
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REVISIONS


SUMMARY OF REVISIONS SINCE THE LAST ISSUE OF THIS PUBLICATION

The following goods and services components have been revised since the release of the June 2015 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0).

  • Goods debits:
      • machinery and industrial equipment, revised in June quarter 2015
      • capital goods n.e.s., revised back to December quarter 2014.
  • Services debits:
      • architectural, engineering and other technical other services, revised in June quarter 2015.

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 series back to September quarter 2011. In original current price terms, these revisions have:
  • increased the 2011-12 current account deficit by $75m
  • increased the 2012-13 current account deficit by $78m
  • increased the 2013-14 current account deficit by $2,894m
  • increased the current account deficit for December quarter 2013 by $274m
  • increased the current account deficit for March quarter 2014 by $1,460m
  • increased the current account deficit for June quarter 2014 by $68m
  • increased the current account deficit for September quarter 2014 by $1,285m
  • increased the current account deficit for December quarter 2014 by $1,124m
  • increased the current account deficit for March 2015 quarter by $2,458m.

The International Investment Position (IIP) has been revised back to September quarter 2011. These revisions have increased Australia's net IIP liability by $32,348m to a net liability position of $910,724m at 31 March 2015.

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

In seasonally adjusted terms, the revisions have decreased the volume surplus on goods and services by $952m (10%) for the March quarter 2015.

Data in this issue aligns with the data in the June quarter 2015 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 2 September 2015.