Who causes inflation?, page-4

Not sure that one stands up. For 8 of their 9 years in office the Coalition ran deficits with low inflation. It was only in their final year that they ran a deficit that correlated with high inflation which has been generally attributed to supply chain issues. The ALP government has run significant surpluses in both budgets but experienced persistent inflation. So, over the last 11 years in this country high inflation has coincided more with surpluses than deficits.

. Reaper