Depends which way you look at things. Lower taxes mean more money for you and me to spend, as do extra subsidies. You might think that, because we're running a surplus, the government is taking more money out of the economy than it's putting in. Of course, a lot of that surplus is funny foreign money, so — according to many think tanks — we're effectively running a budget deficit once you account for the broader fiscal picture. In other words, we're still stoking the inflationary fires.
At one stage, crèche and childcare services were among the most deflationary items in the CPI basket, largely because previous budgets had reduced the costs faced by households.
That showed up directly in the inflation figures: lower childcare costs were pulling down measured inflation.
Of course, households then had more money left over to spend elsewhere. So while cheaper childcare helped reduce measured inflation, it may also have contributed to inflationary pressure elsewhere in the economy — particularly among households with a lower propensity to save.
One saving grace is that a lot of budget-day shenanigans tend to be poorly targeted. The fact that the very rich benefit too means they're less likely to fuel inflation with the extra money. We can all be grateful for that!