As hopes for more interest rate cuts fade, a snapshot from the Reserve Bank's latest meeting has revealed the scenarios the board thinks would finally end the chances of further relief.

Minutes from the RBA's November meeting showed board members had grown more hawkish after being surprised by a spike in inflation.

With inflationary pressures no longer under control, the central bank left the cash rate on hold at 3.6 per cent and bonds traders abandoned hopes for another cut in the current cycle.

In the meeting minutes, the board did not rule out the need for more cuts if the labour market softened materially or if weaker consumer spending caused the recovery in gross domestic product to be weaker than expected.

But the board also flagged several factors to watch out for that would tak

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