BUG #4100: GMT offsets are wrong

The following bug has been logged online:

Bug reference:      4100
Logged by:          Peter Coxhead
Email address:      pdcoxhead@gmail.com
PostgreSQL version: 7.4
Operating system:   Linux
Description:        GMT offsets are wrong
Details:

I find the results to selecting the time in a GMT offset are backwards, so

SET TIME ZONE "GMT+10:00";
SELECT NOW();

gives "2008-04-07 16:23:28.877908-10" which is a time in the western
hemisphere and

SET TIME ZONE "GMT-10:00";
SELECT NOW();

"2008-04-08 12:27:27.268616+10"

gives a time in the eastern hemisphere.  The time zone I was trying to get
was Australia/Brisbane time (GMT+10:00 i.e. 01:00 in London = 11:00
GMT+10:00).

I think I checked this on an 8.2 version of postgres with the same results
(and was mildly surprised to see it still there).

Let me know if I'm doing something daft, I don't think I am though.

Peter

PS I know there's an 'Australia/Brisbane' time zone I can use