A few weeks ago with housing approvals at historic highs, business confidence up, resources exports flying and retail sales coasting along at an annualised 6.5% pace, things were all starting to look almost rosy for the Aussie economy.
Inflation looked like it might be picking up, although the RBA appeared to think that this may pass.
And, as we know, house prices had a very strong 2013 in Sydney, Melbourne and Perth.
The pendulum has swung back a bit the other way, though.
The jobs data has since been crap, and the capital expenditure data today was...even more crap.
Some high profile job cuts are unlikely to help confidence.
Mining investment could drop by quarter or even a third next year, which leaves the rest of the economy quite a lot of heavy lifting to do to fill the gap in the intervening period before resources exports really get going.
Even in the best case scenario interest rates are stuck where they are for months.
If the economy doesn't start to pick up further, the next move could still be down.
The economy is supposed to rebalancing, but it's been a it sluggish to date.
Futures markets are 95% certain that rates will be on hold at 2.50% next Tuesday, with a cheeky 5% chance of a cut priced into interbank cash rate futures.