Aust not in midst of budget crisis: Labor

Labor has dismissed Treasurer Joe Hockey's warnings about the spiralling costs of welfare, health and other government spending.

In a speech in Sydney on Wednesday night, Mr Hockey unveiled some details from the soon-to-be-released commission of audit, which shows government spending has almost tripled in the past 40 years.

Over the medium term, the commission expects the 15 largest and fastest growing programs to be welfare, health, education and defence - in most cases growing considerably faster than the economy.

Mr Hockey flagged cuts across the board in the May budget, adding that a greater reliance on means testing and co-payments could be on the way.

Opposition finance spokesman Tony Burke rubbished the treasurer's bleak portrait of the budget.

"Countries that have triple-A credit ratings are not in the midst of a budget crisis," Mr Burke told ABC Radio on Thursday.

"None of the information that Joe Hockey's referring to there is new. They're wanting to pretend that they've just realised this through the commission of audit."