CHANGES IN THIS AND FORTHCOMING ISSUES
CHANGES IN THIS ISSUE
QUARTERLY STATE AND TERRITORY GOODS AND SERVICES STATISTICS ON A BALANCE OF PAYMENTS BASIS
From this issue, quarterly state and territory goods and services statistics on a balance of payments basis will be included in this publication. The new series, beginning from September quarter 2011, includes aggregate level goods, services and combined goods and services data at current prices, chain volume measures and implicit price deflators in original, seasonally adjusted and trend terms. The new series are included in tables 115 and 116 of this publication and replace the international merchandise imports and exports by state series in tables 113a, 113b, 114a and 114b, which will be discontinued in the December quarter 2015 issue.
ANNUAL SEASONAL RE-ANALYSIS
The seasonally adjusted and trend estimates of goods and services have been revised 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. For more information about seasonal adjustment see paragraphs 11 to 15 of the Explanatory Notes.
NEW BASE YEAR AND RE-REFERENCING OF CHAIN VOLUME ESTIMATES, IMPLICIT PRICE DEFLATORS, AND TERMS OF TRADE INDEXES
A new base year 2013-14 has been introduced into chain volume estimates, implicit price deflators, chain Laspeyres price and terms of trade indexes. These series have been re-referenced to 2013-14. Additivity has been preserved in the quarters subsequent to the new reference year as well as the annual sum of the quarters in the reference year. Re-referencing affects the levels, but not the movements of chain volume estimates, implicit price deflators and terms of trade indexes. This results in revisions to the growth rates of these series for all periods from September quarter 2013.
SELECTED INTERNATIONAL ACCOUNTS RATIOS - TABLE 35 (TIME SERIES SPREADSHEETS TABLES 35 AND 85)
The updated annual GDP and GNI benchmarks released in the Australian System of National Accounts, 2014-15 (cat. no. 5204.0) on 30 October 2015 will be revised and incorporated into the quarterly national accounts with the September quarter 2015 issue of Australian National Accounts: National Income Expenditure and Product (cat. no. 5206.0) to be released on 2 December 2015. The revised benchmarks will change the level of the quarterly and annual GDP and GNI used in the ratios for table 35 (time series spreadsheets tables 35 and 85) of this publication. As the ratios using the currently available GDP and GNI would be inconsistent with the revised data, they have been suppressed in this issue. Tables 35 and 85 in the time series spreadsheets released in conjunction with this publication will be updated with the release of the quarterly Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) on 2 December 2015.
CHANGES IN FORTHCOMING ISSUES
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 Accounts Statistical Outputs published in the June quarter 2015 issue of Balance of Payments and International Investment Position, Australia (cat. no. 5302.0), released on 1 September 2015. Mock-up tables stated in appendix 2 of the Feature Article will be available on the ABS website on 17 February 2016 as additional information.