Paul,
The accuracy of the gauges depends on the type of gauge and its full scale reading. Typically the dial type are 3% of full scale. ie:- if a gauge has a max reading of 150 PSi, the the tolerance is +/- 4.5 PSI for readings taken above 15 PSI and below 135 PSI. So taking reading of known 40 PSI, the reading can be between 35.5 and 43.5. The only way to know the accuracy is to have your gauges tested against against a calibrated lab gauge.
Any of the Perth guys wanting their gauge tested, let me have the gauge at the maintenance day and I will test it at work. I work in a Cal lab (amongst other things)