5302.0 - Balance of Payments and International Investment Position, Australia, Mar 2018 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 05/06/2018   
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REVISIONS

The following goods and services components have been revised since the release of the March 2018 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0):

  • capital goods n.e.s. component of goods debits, revised in the March quarter 2018
  • architectural, engineering and other technical services component of services debits, revised in the March quarter 2018.


SUMMARY OF REVISIONS SINCE THE LAST ISSUE OF THIS PUBLICATION

Table 28 summarises revisions, in original current price terms, since the last issue of this publication.

Incorporation of the latest survey and administrative data has resulted in revisions to the balance of payments series back to the September quarter 2016. In original current price terms, these revisions have:
  • increased the current account deficit for the September quarter 2016 by $373m
  • increased the current account deficit for the December quarter 2016 by $244m
  • increased the current account deficit for the March quarter 2017 by $347m
  • increased the current account deficit for the June quarter 2017 by $415m
  • increased the current account deficit for the September quarter 2017 by $816m
  • increased the current account deficit for the December quarter 2017 by $608m.

The International Investment Position (IIP) has been revised back to the September quarter 2016. These revisions have increased Australia's net IIP liability $2,439m to a net liability position of $988,633m at 31 December 2017. The financial account surplus has been revised up $3,413m to $17,402m at the December quarter 2017.

Seasonally adjusted and trend series have been revised due to the incorporation of revised estimates and the incorporation of estimates for the latest quarter.

In seasonally adjusted terms, the revisions increased the volume deficit on goods and services by $1,193m for the December quarter 2017.

Data in this issue aligns with the data in the March quarter 2018 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 6 June 2018.