A Southern Cross fibre fault outside of San Jose, California is to blame for slow speeds across the pacific.
The slowdown began shortly after 7PM according to Internode, with customers from Telstra, Optus and iiNet among others all confirming slow speeds with significant packet loss. The Internet Traffic Report, the internet equivalent of a weather bureau, is not currently showing any abnormal activity.
No ETA is currently available for a fix to the problem.
Source: http://whirlpool.net.au/article.cfm/1636?show=replies
To be honest I didn't feel anything. I use Optus. How did everyone else find this?
PS. Link was repaired at 2 AM.