August purchasing managers' indices show that global manufacturing activity is weak.
It looks like it's time to cut interest rates. From Bloomberg:
Australia's central bank cut its benchmark interest rate for the first time in seven years amid signs the nation's $1 trillion economy is slowing.
Governor Glenn Stevens and his board reduced the overnight cash rate target by a quarter point to 7 percent in Sydney today, as forecast by 22 of 23 economists surveyed by Bloomberg News.