The Reserve Bank has indicated that they are likely to reduce the interest rate by another 75 basis points over the next 3-4 months. Usually they meet once a month on a Tuesday and make the announcement by 2:30pm local time. So, yes, more rate reduction between now and end of year. The usual practice is to reduce by 25 basis points except last time it shocked the market by reducing it 50 basis points.
Reserve Bank just met on Tuesday 3/7/12. As expected, no rate reduction this time. It appears that AUD/USD is once again above parity, currently 1AUD = 1.027 USD.