The Bank of England have again announced that they will hold interest rates at 0.5%.

You can view the publication here: Bank of England | Publications | News | 2010 | Bank of England Maintains Bank Rate at 0.5% and the Size of the Asset Purchase Programme at 200 billion, 5 August 2010

I think that as long as the UK keep holding the rate at these low levels it will be a long time before sterling starts to get back to anywhere near normal levels against the Aussie (unless of course something major happens to the Australian economy!!).