Some of that has come from businesses that tapped their lines of credit but then left those funds on deposit. There are a number of other reasons for the increase in bank deposits. This includes increased spending by the Australian Government (net of taxes), which leads to funds being paid out from the government's account at the Reserve Bank to customers of commercial banks.
The purchase of government bonds by the Reserve Bank from non-banks has the same effect. [6]  Market Function A number of key financial markets became dysfunctional through early March, including the critical markets for AGS and semi-government securities (semis).