watch now VIDEO02:18 Australia’s economy could grow at 2.2% rate next year: ANZ The RBA has held its policy steady for over a year now, judging the current cash rate of 4.35% — up from 0.1% during the pandemic — is restrictive enough to bring inflation to its target band of 2-3% while preserving employment gains. Some investors had bet the RBA could take a dovish turn after data showed economic growth in the third quarter was surprisingly weak, implying the central bank will have to cut its economic forecasts just one month after publishing them. The expected rebound in consumer spending has yet to appear, with consumers largely holding onto the windfall from the government’s tax cuts and paying off debt, according to bank research. Anecdotal evidence pointed to robust sales over the Black Friday period, but a survey from the National Australia Bank released earlier in the day showed that business conditions slid to the lowest since late 2020 in November, suggesting the economy hasn’t picked up momentum as expected this quarter.