5302.0 - Balance of Payments and International Investment Position, Australia, Sep 2014 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 02/12/2014   
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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. The balance of payments has been revised back to September quarter 2010. In original current price terms, these revisions have:

  • decreased the 2010-11 current account deficit by $682m
  • decreased the 2011-12 current account deficit by $1,167m
  • decreased the 2012-13 current account deficit by $1,317m
  • increased the 2013-14 current account deficit by $1,023m
  • increased the current account deficit for September quarter 2013 by $233m
  • increased the current account deficit for December quarter 2013 by $285m
  • increased the current account deficit for March quarter 2014 by $522m
  • decreased the current account deficit for June quarter 2014 by $16m.

The international investment position has been revised back to September quarter 2013. These revisions have increased Australia's net IIP liability by $1,636m to a net liability position of $865,880m at 30 June 2014.

The full time series for the revisions are available on the ABS website
<www.abs.gov.au> 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 the incorporation of estimates for the latest quarter, the annual seasonal re-analysis and the re-derivation of seasonal factors under the concurrent seasonal adjustment methodology. For details on the seasonal re-analysis see the Annual seasonal re-analysis section.

Chain volume estimates, implicit price deflators and terms of trade indexes have been revised as a result of the incorporation of revised estimates and seasonal factors and the introduction of a new reference year. For details see the New base year and re-referencing of chain volume estimates, implicit price deflators and terms of trade indexes section for details.