"As things currently stand, the Reserve Bank is waiting for Treasury to sell new Commonwealth government bonds (via the Office of Australian Financial Management) to private banks, pension funds, and insurance companies that comprise the so-called "secondary market", before buying those same bonds from those private entities at an agreed interest rate.
"That traditional practice of "raising money" from the secondary market for government spending is what has led to the explosion of Commonwealth government debt over the last year.
https://www.abc.net.au/news/2021-02-25/ross-garnaut-economists-unemployment-rba-government-critique/13186724
