The Southern Oscillation Index (SOI) is calculated from the monthly or seasonal fluctuations in the air pressure difference between Tahiti and Darwin.
A strongly and consistently positive SOI pattern (e.g. consistently above about +6 over a two month period) is related to a high probability of above the long-term average (median) rainfall for many areas of Australia, especially areas of eastern Australia (including northern Tasmania) - La Niña.
Conversely, a 'deep' and consistently negative SOI pattern (less than about minus 6 over a two month period, with little change over that period) is related to a high probability of below median rainfall for many areas of Australia at certain times of the year - El Niño.
However, it is important to remember that the pattern of relationship between SOI and rainfall (and temperature) can vary depending on the particular season and region. Additionally, the change in SOI over a specified period can be as important in understanding relationships between SOI and rainfall as is the absolute value in SOI.
14:40 EDT Whilst today has been a rather cloudy day so far for much of southern Victoria, high pressure is set to work it's magic and bring sunshine in time for the weekend.