Most inflation increases are caused by wage increases, with the job market so tight, this is almost a cert! To counter that a reduction in income tax would do wonders but serious taxation reform requires welfare reform, which the Labor government won't touch! (everyone happy your $5,000 baby-bonus, stolen off you is going to some druggie to have a baby so it can be abused and neglected?)
So the Libs could solve this inflation problem but Labor will probably do nothing, and we'll suffer! :(