Sure, man.
The short term money market, otherwise referred to as the market for exchange settlement funds, is the medium through which financial institutions are able to settle payments with other banks. This is accomplished through movements of funds through ES accounts, orchestrated by the RBA. These settlements are usually at equilibrium, however if certain banks want to borrow and/or lend funds, the total supply of funds in the short term money market shifts and, therefore, the interest rate in this market shifts.
This interest rate is called the cash rate of interest. There is no cash market as such, however, there is an overnight money market, and the cash rate of interest is sensitive to activity in the overnight money market, also serving as the mechanism by which the RBA is able to influence general interest rate levels.
The overnight money market is the market in which the RBA conducts DMO to force movements in the cash rate of interest. This is through the purchase and/or sale of second hand government securities by the RBA from and/or to financial institutions. Since movements in the cash rate change the costs of obtaining funds for financial institutions, these changes will transfer on to customers of the financial institutions, thereby impacting upon the general level of interest rates in the economy. The RBA exploits this phenomenon to either stimulate or curb economic activity through loosening or tightening monetary policy, respectively.
(Monetary policy is just everything I've just said the RBA does in the overnight money market)
Hope this helps you out, bro.
