Help, Australian Time Problem

Is there a faq on this..cause boy it is giving me a headache.

System is FreeBSD 4.9
System date returns Tue Nov 25 16:32:36 EST 2003
Postgres Version is 7.3.4 installed from the port collection
I've set the datestyle to ISO, european
I've set australian_timezones to true
I've set TimeZone to local

I do a SELECT CURRENT_TIMESTAMP as today; or SELECT now();

and I get

2003-11-25 05:36:18.17298+00

which is 11 hours behind, how do I get it to report the correct time?

Dean