I saw something similar last year south west of brisbane and it was red and moving slowly. We were driving in the car and spotted it. Other vehicles also pulled over to the side of the road to get a look as it was very bright. Initially i thought it was the sun reflecting off a plane/jet at high altitude. It eventually broke into 2 pieces so i assume it was either a largish meteor or some space junk. It probably took a good 5 minutes to get from high in the sky to below the horizon. It just slowly got lower and lower over the horizon until it faded away, the sun was already below the horizon by this time.
I managed to snap a photo with my small point and shoot camera. Depending on your screen, you may be able to see the left part that broke away.
http://i421.photobucket.com/albums/p.../Meteor001.jpg
cheers