China

Figures out of China are showing that the slowdown of the last year will appear as a minor blip in it's stellar period of growth.
The economy is expanding at 8.9% and appears far from being at full steam. The only thing that could slow it would be government measures such as lifting rates. Inflation is yet to take off though.

What it means for Australia is that exports are likely to pick up and should give the RBA some comfort and justification for it's current stance.