There were a heap of euphoric headlines in response to the federal budget. And what’s not to like in a budget that spends more money on just about everything, including much more on aged care, disability care, childcare, and the unemployed? The only noticeable lack of enthusiasm came from a few fiscal conservatives who persist in thinking that budget responsibility is what distinguishes the Liberals and Nationals from the Labor Party.

This really was an extraordinary budget coming from a government that had campaigned against its predecessor’s “debt and deficit stretching as far as the eye can see”, claiming that the...