5302.0 - Balance of Payments and International Investment Position, Australia, Mar 2015 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 02/06/2015   
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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 March 2015 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0):

  • Goods debits:
    • machinery and industrial equipment, revised back to September quarter 2013
    • capital goods n.e.s., revised back to September quarter 2013
    • parts for transport equipment, revised back to September quarter 2013
    • other parts for capital goods, revised back to December quarter 2013
    • iron and steel, revised back to September quarter 2013
    • processed industrial supplies n.e.s., revised back to December quarter 2013.
  • Services credits:
    • travel, revised back to September quarter 2014.
  • Services debits:
    • travel, revised back to December quarter 2014
    • legal, accounting, management consulting, public relations and other professional services, revised in the March quarter 2015
    • architectural, engineering and other technical services, revised back to June quarter 2014.

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 2013. In original current price terms, these revisions have:
  • increased the 2013-14 current account deficit by $409m
  • increased the current account deficit for September quarter 2013 by $78m
  • increased the current account deficit for December quarter 2013 by $128m
  • increased the current account deficit for March quarter 2014 by $70m
  • increased the current account deficit for June quarter 2014 by $133m
  • decreased the current account deficit for September quarter 2014 by $92m
  • increased the current account deficit for December quarter 2014 by $287m.

The IIP has been revised back to September quarter 2013. These revisions have increased Australia's net IIP liability by $559m to a net liability position of $866,708m at 31 December 2014.

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

From this issue, a trend break has been applied to the June quarter 2014 for the metal ores and minerals component, Western Australia and Tasmania in current price terms. This trend break will be reassessed as part of ongoing quality improvements as more observations become available. Seasonally adjusted and trend series have been revised due to the incorporation of revised and latest quarter estimates.

In seasonally adjusted terms, the revisions have decreased the volume surplus on goods and services by $534m (7%) for the December quarter 2014.

Data in this issue aligns with the data in the March quarter 2015 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 3 June 2015.