One way we can cut the data is to look at issuance by government versus issuance by the private sector and other non-government entities (Graph 1).
Prior to the global financial crisis, the stock of https://www.rba.gov.au/speeches/2017/sp-ag-2017-08-09.html  1/16  8/9/2017  Fixed Income Markets and the Economy | Speeches | RBA  government debt on issue in Australia was quite low, and private sector bonds on issue accounted for the vast majority of paper outstanding. Government debt outstanding had been little changed over those years.