Signs of strength in the latest economic data are not enough to support expectations of higher interest rates in the near term.
There's little doubt that the figures from the Australian Bureau of Statistics on Thursday did confirm a pick-up in the building and retailing sectors.
The value of building approvals in November was up by 23 per cent from a year before, while retail spending grew more in the four months to November than it did in the 12 months before that.
But it's too early to assume the period of below-trend growth and stalling employment levels is behind us, because for every strong point, the economy has a weak one.
Government spending - or, specifically, the lack of growth in it - is still a dead weight on the economy.
And the mining investment boom's decline has only just begun.
There's also the prospect that the heat will go out of the housing market when the Reserve Bank of Australia stops hinting - as it's done consistently since mid-2013 - that further cuts are possible.
In any case, history tells us that even the first move towards a return to a normal cash rate - probably about two percentage points higher than the current 2.5 per cent - is some way off.
One of the best indicators of what the cash rate is likely to be doing is the labour market.
If ever you look back over the past year and the unemployment rate has risen, it's a safe bet that the RBA's cash rate has fallen over the same 12 months.
The latest figures show the unemployment rate in November was up by 0.5 percentage points from a year before, at 5.8 per cent.
That would normally be associated with a fall of around one percentage point for the cash rate.
And that's just what's happened - the cash rate of 2.5 per cent in November was down from 3.25 per cent in November 2012.
The question is when the unemployment rate will next be higher than it was a year before.
That would make it more likely that the cash rate was higher than a year previously.
But it won't happen for a while.
There is no sign that the economy has garnered enough momentum to generate a pick-up to "trend" economic growth over the early part of 2014.
That means unemployment is unlikely to be falling again before mid-year at the earliest.
And it will be some months after that before we'll have much chance of an unemployment rate lower than it was a year before.
Maybe, just maybe, that will happen before the end of the year, and the RBA may start normalising the cash rate in the final quarter.
But a lot of water will flow under the bridge before that happens.