This should be also answer how to setup time for linux redhat system.
1. Logged in as root, check which timezone your machine is currently using by executing `date`. You'll see something like Mon 17 Jan 2009 12:15:08 PM PST, PST in this case is the current timezone.
2. Change to the directory /usr/share/zoneinfo here you will find a list of time zone regions. Choose the most appropriate region, if you live in Australia directory.
3. If you wish, backup the previous timezone configuration by copying it to a different location. Such as
cp /etc/localtime /etc/localtime-old
4. Create a symbolic link from the appropiate timezone to /etc/localtime. Example: