5302.0 - Balance of Payments and International Investment Position, Australia, Jun 2017 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/09/2017   
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REVISIONS

The following goods and services components have been revised since the release of the June 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 June quarter 2017
  • architectural, engineering and other technical services component of services debits, revised in the June 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 March quarter 2016. In original current price terms, these revisions have:
  • increased the current account deficit for the March quarter 2016 by $29m
  • decreased the current account deficit for the June quarter 2016 by $10m
  • decreased the current account deficit for the September quarter 2016 by $80m
  • decreased the current account deficit for the December quarter 2016 by $20m
  • increased the current account deficit for the March quarter 2017 by $1,387m.

The International Investment Position (IIP) has been revised back to the March quarter 2016. 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 $901m to a net liability position of $1,024,619m at 31 March 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 resulted in a turnaround in the volume on goods and services of $2,102m, from a surplus of $543m to a deficit of $1,559m for the March quarter 2017.

Data in this issue aligns with the data in the June quarter 2017 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 6 September 2017.