From Steve's photos it looks like there's some decent snow cover. The ABC news said it was raining in Perisher yesterday, then they were expecting 25-30cm fresh snow to fall. I'd keep away from the Grey Buttress area and stick to the south facing slope (fresh snow pack over ice = lots of avalanche potential). Watch out for the cornice that builds up to the right of Grey Buttress - if it has built up to any significant amount I wouldn't go anywhere near it. Remember that the reason that the glacier used to arise from Blue Lake is because it's a snow trap - with lots of snow and a westerly blowing the western side of Blue Lake accumulates heaps more snow than the surrounding area. It looks pretty good for a trip up there no matter what.