New Capital Expenditure uses the concurrent seasonal adjustment method, meaning that seasonal factors are re-estimated each time a new data point becomes available. If not appropriately accounted for, unusual real-world events such as COVID-19 can distort estimates calculated using this method.
From September quarter 2020 for selected series, seasonal factors were calculated using data up to and including March quarter 2020, then projected from June quarter 2020 onwards. This approach, known as the forward factor method, ensures that the seasonal factors are not distorted for industries affected by COVID-19 impacts. Switching to the forward factor method may result in revisions in seasonal data for future quarters when the concurrent seasonal adjustment method is reinstated.