REVISIONS


SUMMARY OF REVISIONS SINCE THE LAST ISSUE OF THIS PUBLICATION

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 current account back to September quarter 2006. In original current price terms, these revisions have:

• increased the 2006-07 current account deficit by $280m
• increased the 2007-08 current account deficit by $273m
• decreased the 2008-09 current account deficit by $1,735m
• decreased the 2009-10 current account deficit by $2,030m
• decreased the current account deficit for December quarter 2009 by $623m
• decreased the current account deficit for March quarter 2010 by $336m
• decreased the current account deficit for June quarter 2010 by $720m.

The financial account and international investment position have been revised back to September quarter 2009, resulting in an increase of $3,634m in Australia's net IIP liability as at 30 June 2010 to a liability position of $767,093m.

Foreign assets and liabilities by industry (table 34) data have been revised back to September quarter 2006 to correct the industry classification of foreign assets transactions and levels.

Seasonally adjusted and trend series have been revised due to the incorporation of revised estimates and the incorporation of estimates for the latest quarter, the annual seasonal re-analysis and the rederivation of seasonal factors under the concurrent seasonal adjustment methodology. For details on the seasonal re-analysis see Seasonally adjusted and trend estimates.

Chain volume estimates, implicit price deflators and terms of trade indexes have been revised as a result of the incorporation of revised estimates and seasonal factors, the introduction of new reference year and the introduction of revised weights for goods credits. See Chain volume estimates, implicit price deflators and term of trade indexes for details.