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5302.0 - Balance of Payments and International Investment Position, Australia, June 2013 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/09/2013   
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CHANGES IN FORTHCOMING ISSUES


DELAY TO PREVIOUSLY ANNOUNCED CHANGES

In the March quarter 2013 issue of this publication the ABS announced changes to be introduced in the June quarter 2013 issue. The changes were to include estimates of the assets and liabilities of person changing residency and changes to the model used to derive withholding taxes. These changes will now be introduced in the September quarter 2013 issue of this publication.


PERSONS CHANGING RESIDENCY

Estimates of the assets and liabilities of persons changing residency (migrants) permanently were included in the Balance of Payments and International Investment Position as part of the introduction of BPM6 in the September quarter 2009 issue of this publication. At that time data sources and a methodology to estimate the assets and liabilities of persons changing residency long-term (but not permanently) were not available. Data sources and methodologies have now been developed for long-term migrants, and methodologies for permanent migrants have been improved and will be included from the September quarter 2013 issue of this publication. This will result in revisions for periods back to September quarter 1988. These revisions will impact the financial account, primary income, secondary income, and international investment position.


WITHHOLDING TAXES

From the September quarter 2013 issue of this publication, changes to the model used to derive withholding taxes as part of the secondary income account will be applied. The model has been reviewed and updated to include an indicator series which will account for changes in the parameters of the model such as withholding tax rates for different countries. As a result, there will be minor changes to the existing tax rate used within the model and revised estimates of withholding taxes. Existing source data and the underlying methodology remain unchanged. These revisions will be applied from September quarter 2001 when modelled data was initially implemented.

Further to these revisions, the royalties withholding tax series will be removed from the secondary income account and classified as other taxes on production and imports within the primary income account, in line with international standards. This will result in revisions from December quarter 1959. The new series have been included in primary income tables 20, 21, 70 and 71, with new series IDs, from this issue, however no data will be shown until the September quarter 2013 issue of this publication.

The new series IDs in table 22 (Primary Income: Seasonally Adjusted and Trend Estimates) will be included in a mock-up table which will be available on the ABS website as additional information to this issue on 2 October 2013.


INTRODUCTION OF A NEW GOODS DEBITS ADJUSTMENT

From the September quarter 2013 issue of this publication, a new adjustment will be introduced to include in Balance of Payments goods debits estimates, imports under the Australian Customs and Border Protection Service low value threshold, lodged without a full imports declaration. The introduction of this new adjustment will result in revisions back to September quarter 1998. Further information regarding the new adjustment is available in the Information Paper: Measurement of Online Retail Trade in Macroeconomic Statistics, 2013 (cat. no. 8501.0.55.007).


ANNUAL SEASONAL RE-ANALYSIS

The seasonally adjusted and trend estimates of goods and services will be revised in the September quarter 2013 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 2011-12 will be introduced into chain volume estimates and implicit price deflators in the September quarter 2013 issue. As a result, the chain volume estimate series and implicit price deflator series will be re-referenced to 2011-12.


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