The RBA has left the official cash rate unchanged todat at 4.75%, however RBA Governor Glenn Stevens has left the door open to possible rate cuts as the RBA revises it's assessment of the impact of inflationary pressures to be more in line with the target range of 2-3%.
My thoughts are that the next RBA meeting in November 2011 will see a rate cut of 0.25% announced by the RBA which would bring the official cash rate back to where it was exactly 12 months ago in November 2010.