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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CHANGES IN THIS AND FORTHCOMING ISSUES


CHANGES IN THIS ISSUE

IMPROVEMENTS TO THE LOW VALUE THRESHOLD ADJUSTMENT

From this issue, additional data sources are used to derive the low value threshold adjustment to goods debits estimates. The improvement of this adjustment has resulted in revisions back to September quarter 2011.

A technical note included in the August 2014 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0) describes the changes to the data sources and methodology used for calculating the low value threshold adjustment, as well as the impact on the goods debits series.


ANNUAL SEASONAL RE-ANALYSIS

The seasonally adjusted and trend estimates of goods and services, primary income and secondary income 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.

From this issue, as a result of ongoing improvements to the methods of seasonal adjustment, the independent seasonal adjustment previously applied to the chained volume measure of the other mineral fuels component from September 2005 has been replaced by the same seasonal adjustment factors applied to the corresponding current price component. This change in methodology will be closely monitored as part of our ongoing improvement program.


NEW BASE YEAR AND RE-REFERENCING OF CHAIN VOLUME ESTIMATES, IMPLICIT PRICE DEFLATORS, AND TERMS OF TRADE INDEXES

A new base year 2012-13 has been introduced into chain volume estimates, implicit price deflators and terms of trade indexes. These series have been re-referenced to 2012-13. 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 2012.


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, 2013-14 (cat. no. 5204.0) on 31 October 2014 will be revised and incorporated into the quarterly national accounts with the September quarter 2014 issue of Australian National Accounts: National Income Expenditure and Product (cat. no. 5206.0) to be released on 3 December 2014. 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 3 December 2014.


CHANGES IN FORTHCOMING ISSUES

PDF VERSION OF THIS PUBLICATION

From the March quarter 2015, this publication will be available from the ABS website in electronic format only. The December quarter 2014 release of this publication will be the final issue that contains a pdf version.