Unless the strop is getting scratches it shouldn't be razor-related. Have you tried your other razors on the strop since this behaviour began, or just the Aust?

As the other guys have said, the finishing layer can sometimes flake, and if it's only a little I wouldn't be concerned. Do you "treat" the strop by rubbing your palm along it before each stropping session? If not, try that for a while and see if the flaking continues once the oils in your hand work their way in.

One other thing that just popped into my head - did you take a look at the spine of the razor on both sides as well as the edge? Is the spine smooth where it touches the leather?

James.