A useful comparison follows. Consider that the ALP always has to spend. Buying votes is the only way they can win elections. A spineless LNP govt always helps.
"Always fight inflation “Inflation is always and everywhere a monetaryphenomenon,” Friedman said. In short, by pumping extra money into thesystem (as the Keynesians were prone to doing) governments would driveup inflation, risking major pain for the economy. Friedman believed that ifcentral banks were charged with maintaining control of prices, most otheraspects of the economy—unemployment, economic growth, productivity—would more or less take care of themselves.While Keynes had asserted that it was highly difficult to persuade workersto accept lower wages, classical monetarist theory argued otherwise: thatlower incomes for workers and lower prices for firms were acceptable inthe face of rising inflation. The growth rate of an economy, arguedFriedman, could be determined by controlling the amount of money beingprinted by central banks. Print more cash and people would spend more,and vice versa. It was a far cry from Keynesianism, which downplayed theimportance of money. It also marked an important political departure:whereas Keynes argued politicians should attempt to control the economy through fiscal policy, Friedman advocated giving independent central bankscontrol over the economy using interest rates (albeit with some strict rules).
In a downturn, Friedman said, central banks should prevent deflation bypumping more money into the system. On this reasoning, he argued that inthe run-up to the Great Depression, the Federal Reserve made the mistakeof clamping down too hard on America’s banks and allowing too many tofail, which in turn made the economic slump even more painful. In fact, heblamed the Fed for turning what might have been a minor recession into thedepression it ultimately was."
50 economics ideasyou really need to know p52 Edmund Conway
Both Keynesianism and Monetarism have flaws but the expansion in the money supply without increasing the supply side has to lead to inflation. ALP be its name. (The Austrian school has another approach.)
