It would have been technically impossible for the Government to 'borrow'* the dollars to match the deficit spending it had budgeted for this year and next in advance (unless the RBA had lent those dollars to the banks especially for the purpose).

This is because there were not enough dollars in existence to allow for such a high level of bond issuance.

The Government literally had to spend the dollars into bank reserve accounts before it could offer banks and others the opportunity to swap reserves for treasury bonds.

That the system works the way MMT economists have described it as working for many years now should by now be obvious to everyone.

* It isn't borrowing in the normal sense of the term, when you are just swapping treasury bonds for currency you have previously issued yourself.