It may have. Where I am, the cafes in the CBD are doing it very hard - open only five days a week and not late with higher prices or small portions. With the virus people sold out of Sydney for prices they couldn't believe, bought here for prices the vendors couldn't believe (+20%ish), invested the rest at dividends, don't want to work (a lot of people here have two jobs and there's still vacancies), watch the dividends pile up in the bank and wait for another stockmarket slump, when they'll invest. It's not secret. But they're not spending at the cafes or gyms at anything near the rate the former residents did.

If the government really cared about inflation they would scrap the treaty allowing yanks to invest bypassing the FIRB, scrap the Double Taxation Bill (that allows foreign investors to be tax free), watch the money flood out of Australia, lowering inflation, whilst the vast sums in our banks financed this by flooding into our stockmarket. It's not hard and would be the most popular thing this lot did.