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Same situation here in my department. I’ve been hearing the exact same 'under review' line from management for weeks now. It feels like they are stringing us along to keep the productivity high without actually committing to the benefits or salary bump of a full-time role. A few people I know in different sectors were told the same thing, so don't take it personally. It seems like a top-down directive to hold off on any new headcount until the next fiscal cycle. I’d advise keeping your options open and updating your resume just in case they decide to cut the cord instead of converting anyone.
I actually just managed to get a permanent offer last week, so it might depend heavily on your specific division or manager's influence. It definitely wasn't easy, and I had to push back quite a bit, but it seems like some departments still have the green light if they can justify the cost. Don't lose hope entirely, but keep pushing your leadership for a concrete timeline rather than just vague updates. If they can’t give you a straight answer soon, you have your answer right there. Stay sharp and keep applying elsewhere just to be safe.