Aussie hike or cut

What is Aussie going to do about inflation if their economy begins to contract?
We must ask ourselves a couple questions in order to arrive at a sensible answer.
1. What is the future state of the Aussie economy?
2. What is the future of global inflation?
3. What impact will Aussie currency fluctuation have on it's exports?

Short answers:
1. The Aussie economy will begin contracting any time now as defaults pile up and banks contract credit. If you know anyone from Australia they might tell you about the wild balloon mortgages and foolish overlending going on there that is typically a harbinger of impending credit contraction.
2. Global inflation is starting to cool. Absent another war we'll see oil retrace a large % of it's recent assent. (The USA is presently in two wars.)
3. If Aussie decides to raise interest rates to stave off inflation its exports will suffer and push the economy into a recession.