Seasonally adjusted, the current account deficit rose $2,267m to $7,469m. The deficit on the balance of goods and services rose $2,339m to $2,355m. The income deficit fell $85m to $5,129m.
In seasonally adjusted chain volume terms there was an increase of $2,203m in the deficit on goods and services. This could be expected to make a contribution to growth of -1.3 percentage points in the June quarter 2002 volume measure of GDP.
In original terms, the balance on current account for 2001-02 was a deficit of $22.2b, up from the deficit of $18.2b in 2000-01. .
EXPORTS OF GOODS AND SERVICES.
Trend exports of goods and services rose by 0.7% (up 0.4% seasonally adjusted), with exports of goods up 1.0% and exports of services down by 0.9%.
IMPORTS OF GOODS AND SERVICES.
Trend imports of goods and services rose by 3.8% (up 6.0% in seasonally adjusted terms), with imports of goods up by 4.3% and imports of services up by 3.0%.
TERMS OF TRADE.
In June quarter 2002 the terms of trade index derived from trend estimates (see Explanatory Notes, paragraph 31) rose by 0.5%. The implicit price deflator for exports fell by 1.0%, while the deflator for imports fell by 1.5%.
REVISIONS IN THIS ISSUE.
Aside from normal quarterly revisions to recent quarters and the introduction of a new base year and new reference year (described on page 2) some other revisions have been incorporated into the June quarter estimates. These are described below.
The three independent measures of GDP using the income approach (GDP(I)), the expenditure approach (GDP(E)) and the production approach (GDP(P)) have been initially balanced for 2000-01 in both current prices and in chain volume terms, resulting in revisions for that year.
An investigation revealed that the annual volume movements for GDP(E) and GDP(P) were unbalanced in 1999-2000. Adjustments to ensure balanced movements in both measures resulted in a -0.
