yup it all goes back to treasury bonds issuance, which these days are often bought by the RBA itself.
"Semis" or state issued bonds are effectively fed bonds but with a "risk premium" added when resold by state treasury corps.
I'd imagine the special lending for major projects would be a similar arrangement, but with a slightly higher risk premium.
Ann: Australian Government Conditionally Approves A$185m Loan, page-113
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