REVISIONS


SUMMARY OF REVISIONS SINCE THE LAST ISSUE OF THIS PUBLICATION

The following goods and services debits components have been revised since the release of the December 2014 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0):

• capital goods n.e.s. component of goods debits, revised in December quarter 2014
• legal, accounting, management consulting, public relations and other professional services component of services debits, revised in December quarter 2014
• architectural, engineering and other technical services component of services debits, revised in December quarter 2014.

Table 36 summarises revisions, in original current price terms, since the last issue of this publication, for the last three years and six quarters.

Incorporation of the latest survey and administrative data has resulted in revisions to the balance of payments series back to September quarter 2013. In original current price terms, these revisions have:

• increased the 2013-14 current account deficit by $618m
• increased the current account deficit for September quarter 2013 by $32m
• increased the current account deficit for December quarter 2013 by $175m
• increased the current account deficit for March quarter 2014 by $287m
• increased the current account deficit for June quarter 2014 by $124m
• decreased the current account deficit for September quarter 2014 by $486m.

The International Investment Position (IIP) has been revised back to September quarter 2013. These revisions have decreased Australia's net IIP liability by $1,324m to a net liability position of $873,931m at 30 September 2014.

The full time series for the revisions are available in table 36, Summary of revisions, from the 'Download' tab of this issue.

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 surplus on goods and services by $591m (13%) for the September quarter 2014.

Data in this issue aligns with the data in the December quarter 2014 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 4 March 2015.