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   
   Page tools: Print Print Page Print all pages in this productPrint All RSS Feed RSS Bookmark and Share Search this Product

CHANGES IN THIS AND FORTHCOMING ISSUES


CHANGES IN THIS ISSUE

IMPROVEMENT IN ESTIMATES FROM THE NOMINEE COLLECTION - DIVIDEND INCOME ESTIMATES

Further improvements have been made in this issue of the publication to align estimates derived from the nominee collection to BPM6 standards. This issue includes the implementation of equity dividend income estimates on a BPM6 basis whereby dividends are recorded on the ex-dividend date. The ex-dividend date reflects the point in time at which those dividends declared and not paid are removed from the market price of the underlying security, and in doing so reflect the point in time at which shareholders are entitled to the dividend.

Changes to the income data associated with these revisions are now included in this issue and the series have been revised back to March quarter 2012. These changes to the nominee collection will impact the financial accounts in the Balance of Payments and International Investment Position, Australia (cat. no. 5302.0), the International Investment Position, Australia: Supplementary Statistics (cat. no. 5352.0) and consequentially other ABS publications which use these data or aggregates incorporating these data in their estimates.

While these methodological changes have had an insignificant impact, during implementation of the changes the ABS identified and corrected a number of errors in primary income debits in the September quarter 2013, March quarter 2014, September quarter 2014 and March quarter 2015. As a result in original terms, the primary income debits series has increased by more than $1.0b in the affected quarters.

NET ERRORS AND OMISSIONS

A change in tolerance for the residual balance of payments component, net errors and omissions, has been applied from this issue of the publication. Due to the ongoing effect of inflation and growth in international transactions, Australia's fixed tolerance level of $500m for net errors and omissions has effectively been eroded over time. As a result, the ABS has increased the net errors and omissions tolerance level from $500m to 2% of the absolute value of trade in goods and services. Changes to the tolerance included in this issue have been revised back to September quarter 2011.


CALCULATION OF ACCRUED INTEREST OF COMMONWEALTH GOVERNMENT SECURITIES

From this issue of the publication, the ABS will implement the use of average yield instead of using end of quarter close yield for compilation of accrued interest on portfolio investment Commonwealth Government Securities in primary income debits. This change will align the methodology used in the compilation of accrued interest on all debt securities. The revised methodology will impact the primary income debit series back to September 2011.


IMPACTS ON SERVICES DUE TO DELAYS OF OVERSEAS ARRIVALS AND DEPARTURES (OAD) DATA

Finalised OAD data for January, February and March 2015 released in Overseas Arrivals and Departures, Australia (cat. no. 3401.0) have been incorporated in this issue. This brings these estimates back in line with the normal publications schedule.


CLASSIFICATION ADJUSTMENT

An adjustment has been made to goods debits machinery and industrial equipment series following an investigation.


CHANGES IN FORTHCOMING ISSUES

REPLACEMENT OF INTERNATIONAL MERCHANDISE TRADE STATE SERIES

In response to user feedback on the Feature Article: Quarterly State Data on a Balance of Payments Basis, from the September quarter 2015 issue the ABS will be publishing state data on a balance of payments basis. The new series, beginning from September quarter 2011, will include aggregate level goods and services data at current prices as well as chain volume measures and implicit price deflators in original, seasonally adjusted and trend terms. The balance of payments series will replace the international merchandise imports and exports by state series in tables 113a, 113b, 114a and 114b of this publication.

Mock-up tables will be available on the ABS website on 17 November 2015 as additional information.

For further information see the Feature Article: Quarterly State Data on a Balance of Payments Basis published in the December quarter 2014 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0).


ANNUAL SEASONAL RE-ANALYSIS

The seasonally adjusted and trend estimates of goods, services, primary income and secondary income will be revised in the September quarter 2015 issue as a result of the annual seasonal re-analysis. This re-analysis reviews the seasonal and trading day factors in more detail than is possible in the quarterly processing cycle and assesses the appropriateness of any prior corrections.


NEW BASE YEAR AND RE-REFERENCING OF CHAIN VOLUME ESTIMATES AND IMPLICIT PRICE DEFLATORS

A new base year, 2013-14, will be introduced into chain volume estimates and implicit price deflators in the September quarter 2015 issue. As a result, the chain volume estimate series and implicit price deflators series will be re-referenced to 2013-14.


OUTCOMES OF THE REVIEW OF INTERNATIONAL ACCOUNTS STATISTICAL OUTPUTS

As Australia's national statistical agency, the ABS provides a statistical service that informs discussion and decision making. It is important we ensure we are producing data that are required and in demand. In the area of Balance of Payments and International Investment Statistics, the ABS has moved over the years to increase the range and extent of detail provided in the statistics.

The ABS announced it was undertaking a review of International Accounts statistical outputs in the March quarter 2015 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) and monthly releases of International Trade in Goods and Services, Australia (cat. no. 5368.0). The ABS received a number of submissions from stakeholders which influenced the proposals considered and resulting outcomes.

Based on our analysis of the range of statistics and reflecting on user comments, the ABS is making changes to the International Accounts outputs to ensure we are producing the most relevant and useful data to inform users of Australia’s interactions with the rest of the world. These changes are outlined in the Feature Article: Outcomes of the Review of International Statistical Outputs published in this issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0).