I honestly can't see how there'll be a rate cut. NZ is a completely different kettle of fish. For the past 15 years, NZ has been dragging its heels (parents have some investments over there and they've never done well through it).
Australia is facing some small economic hicups, but so does every country in amidst the greatest booms. Reality is unemployment is approaching new lows, wage growth in many sectors are spiralling faster than employers can keep a lid on. This is true for many sectors like mining (eg the actual mining companies), mining services (the guys building tent sites, providing drill rigs etc), skilled labour (ie engineers, geologists etc), industrials --> all this flows through to banking & finance (lending, advisory, capital markets etc), construction and non-mining skilled labour (competition for the same labour), professional advisory (lawyers, consultants etc). Sure retail is hit a bit, but consumer confidence is probably so fickle it'll be up as quickly as it came down.
I'd venture to say we'd be 50bps minimum higher by the end of 2011. Bet 4 Mars Bars on it.