<transcript><audio_0>hello if you go to budget gov au you can watch the 2016 budget explainer in this video the government tries to justify some of its thinking behind the budget I thought we could go through that video together and see just how long it takes before the government tries to</transcript><caption><image_1>The image is a portrait of a young man standing in a forest. He is wearing a blue button-down shirt and has shoulder-length brown hair. He has a slight smile on his face and is looking directly at the camera. The background is filled with tall trees and greenery, and the ground is covered in fallen leaves and rocks. The overall mood of the image is peaceful and serene.</caption><transcript><audio_2>perpetuate a myth about macroeconomic policy my name is Gideon Cordover and this is the 2016 budget explainer</transcript><caption><image_3>The image is an illustration of a seesaw with the word "EXPENSES" written on it. The seesaw is in the center of the image, with a white pillar on the right side and a green fence on the left side. The background is a blue sky with a tree and a city skyline in the distance. The image is in a flat, cartoon-like style.</caption><transcript><audio_4>strengthening the nation's finances is key to the government's economic plan like any Australian family or business the government is focused on keeping expenses down to balance the budget and</transcript><transcript><audio_5>pay down debt stop okay so we made it 16 seconds this video is underpinned by two fundamental misconceptions we'll talk about both of them firstly we need to understand that the government budget is in no way like a household budget they</transcript><transcript><audio_6>are not analogous they're very different you shouldn't compare them you are a user of the currency and the government the federal government is the issuer of the currency that's why there's no point making a comparison between the two secondly federal taxes don't fund</transcript><transcript><audio_7>spending and that's because the federal government is the monopoly issuer of a fiat currency we no longer on a gold standard the Bretton Woods system of currency convertibility ended in the 1970s nowadays money is not backed up by anything except what the government says</transcript><transcript><audio_8>therefore the government cannot become insolvent the cap the government cannot go broke you as a user of the currency can go broke if we didn't have any Australian dollars issued to us in the first place then we would have no Australian dollars with which to pay our</transcript> hello if you go to budget gov au you can watch the 2016 budget explainer in this video the government tries to justify some of its thinking behind the budget I thought we could go through that video together and see just how long it takes before the government tries to perpetuate a myth about macroeconomic policy my name is Gideon Cordover and this is the 2016 budget explainer strengthening the nation's finances is key to the government's economic plan like any Australian family or business the government is focused on keeping expenses down to balance the budget and pay down debt stop okay so we made it 16 seconds this video is underpinned by two fundamental misconceptions we'll talk about both of them firstly we need to understand that the government budget is in no way like a household budget they are not analogous they're very different you shouldn't compare them you are a user of the currency and the government the federal government is the issuer of the currency that's why there's no point making a comparison between the two secondly federal taxes don't fund spending and that's because the federal government is the monopoly issuer of a fiat currency we no longer on a gold standard the Bretton Woods system of currency convertibility ended in the 1970s nowadays money is not backed up by anything except what the government says therefore the government cannot become insolvent the cap the government cannot go broke you as a user of the currency can go broke if we didn't have any Australian dollars issued to us in the first place then we would have no Australian dollars with which to pay our
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