LNP Grills Bullock, page-20

I agree... the risk of not managing inflation carefully is indeed stagflation.... which is where we were headed under the LibNats.

the Labs seem to be working concertedly with the RBA to manage the problem. the current dip to meet the worst GDP figures of the LNP years is suitable and indicates its time for a turn around to stimulus next budget. Bullock said that from the tax cuts (stimulus) there would be small rise in consumption and possibly a tick up in savings (though I doubt this) and that the budget was not inflationary.

from these effects we should avoid stagflation, if the current moderate policies are left in practice.

But economists including Flavio Menezes from The University of Queensland say while the budget measures might “mechanically” suppress measured inflation, they are:

unlikely to alleviate underlying inflationary pressures and may even exacerbate them; for households not experiencing financial strain, lower energy bills could simply lead to increased spending in other areas.

Former Reserve Bank board member Warwick Mckibbin says the bank is likely to “see through” (ignore) the largely temporary mechanical price reductions and “raise interest rates to where they should be”.

Others surveyed, a minority, argue the economy is too weak for the extra spending in the budget to boost inflation through consumer spending. Former Finance Department Secretary Michael Keating says any stimulus is “likely to be swamped by the economic slowing well under way”.

Independent economist Saul Eslake said the subsidies for energy and rent would inject only $3 billion into the economy in 2024-25. This meant any boost they would give to underlying inflation would be hardly “material”.

https://theconversation.com/top-economists-give-budget-modest-rating-and-doubt-inflation-will-fall-as-planned-230670

as I aid, theres a wide range of opinion so its hard to speculate from any source(s).