New figures suggest the Australian economy is still crawling along at a growth rate below two per cent, but Reserve Bank governor Philip Lowe has made it clear that negative interest rates are "extraordinarily unlikely" in response.
Nor is the central bank expected to go down the path of unconventional monetary policy to give the economy a boost.
New construction work data for the September quarter on Wednesday showed a decline for the fifth straight quarter, although the fall of 0.4 per cent was smaller than the one per cent drop economists had expected.
Even so, economists were sticking with their growth forecasts for now, which could see the annual rate only slightly above the 1.4 per cent pace seen as of June - the slowest level since the global financial crisis a decade ago.
The last growth figures for the year will be released in next Wednesday's national accounts, the day after the Reserve Bank holds its monthly board meeting, where it is expected to leave the cash rate at a record low of 0.75 per cent..
But financial markets see a three-in-five chance of the Australian central bank cutting the cash rate to 0.5 per cent when its board returns from the summer recess in February.
Dr Lowe reiterated to a business economists' dinner on Tuesday that negative interest rates are "extraordinarily unlikely" as Australia was not in the same situation as parts of Europe and Japan where economic growth has gone backwards.
"Our growth prospects are stronger, our banking system is in much better shape, our demographic profile is better and we have not had a period of deflation. So we are in a much stronger position," he said.
He largely used the address to deliver an academic explanation of what options there are for monetary policy ahead.
"Our current thinking is that QE (quantitative easing) becomes an option to be considered at a cash rate of 0.25 per cent, but not before that," Dr Lowe said.
"And I don't expect it to be reached in the near future."
To ensure the message got through, Treasurer Josh Frydenberg told Sky News on Wednesday: "The governor is saying that QE is not likely."
"But what he is saying is that he's going to continue to watch the interest rates."
The treasurer said the Reserve Bank would continue to consider the actions of others, with some 50 central banks around the world having cut their rates.
Quantitative easing is a mechanism that allows a central bank to pump money into the economy by buying government bonds and other securities
But shadow treasurer Jim Chalmers said the governor wouldn't even be considering such drastic measures as unconventional monetary policy if the government was doing a good job managing the economy.
"It's very clear from the governor's speech that he'd rather not have to do unconventional monetary policy," Dr Chalmers told reporters in Canberra.
"He shouldn't have to do it but he's forced into these considerations by a government with no idea what's going on in the economy and no plan to boost it."
However, credit rating agency Standard & Poor's has warned if fiscal stimulus involves substantial spending initiatives and changes to the trajectory of the budget, and this could risk Australia's AAA rating.
Australian Associated Press