This is what Treasurer Hockey was waving in front of Spectator Magazine on 23 April 2014:
While Health expenditure is only shown as three discrete items in his Commission of Audit data and, is therefore reduced by $19.7 billion in under 10 months to make it appear as though the Age Pension is by far and away the largest contributor to the federal government's recurrent expenditure.
Education expenditure has $7.16 billion off its bottom line in less than 10 months in order for it to also fit into Hockey's universal-safety-nets-are-bad narrative.
Whereas, by comparison, in the United Kingdom (which also has a universal safety net policy covering health, education, employment, pensions and welfare payments) public sector spending was 42.2% of its GDP in 2013-14.
As for Australia's national public debt which is often quoted by the Abbott Government as a reason for taking the razor to government programs - the International Monetary Fund (IMF) in 2013 clearly stated that: Australian general government gross debt is expected to peak at around 32 percent of GDP in 2015 and is among the lowest in advanced nations.[International Monetary Fund. Asia and Pacific Department, Australia: Staff Report for 2013 Article IV Consultation-Staff Report]
National Commission of Audit report. On May 13 full details of the Abbott Government's first federal budget are due to be released.