The RBA just left rates unchanged and they said:
Inflation is gradually moderating, given the earlier decline in energy and commodity prices, and the effects of weaker demand on prices and labour costs. Given the current prospects for demand and output, this moderation should continue over the year ahead. The higher exchange rate over recent months will assist this moderation, at the margin.
So the higher exchange rate is helping them moderate inflation.
Now our Reserve Bank keeps saying that they are worried that the exchange rate will hurt growth. For this to fit inside our monetary policy story they must be concerned that, if they don’t cut the interest rate, inflation will fall below the target band. So why don’t they just say that?