As more than a few commentators have noted in the last 12 hours, yesterday's budget looks a lot like a Labor budget -- or, more correctly, a kind of conservative fever dream of a Labor budget. Tax receipts are going up -- half a percentage point of GDP this year, up another 0.4 of a point next year, 0.3 the following year, then another 0.4, to levels unseen since the Howard years. But spending is going up too: despite Joe Hockey's efforts to front-load spending into a year when he could blame it on Labor, spending rose from 25.7% of GDP in 2013-14 to 25.9% of GDP this year and it will be 25.9% of GDP next year as well (up from what was forecast in December in MYEFO). In 2018-19, spending will still be 25.3% of GDP, higher than spending in four of the six Labor years.