It is also all the money that is printed and pumped into it.
NZ isn't much different. We are apparently printing $100 billion, and much is also going into assets like housing to keep the bubble going.
OMG are you serious? Last I heard it was way less than 100B, and an amount of that is held back. It was spent supporting wage earners and employers. It wasnt spent building Kiwibuilds other 99486houses, nor buying spec homes
I think you are talking about what the government borrowing. Not the Quantitative Easing / Money printing that the Reserve Bank is doing, where they have now expanded it up to 100 billion. They were only going to do 60 billion. The reserve bank are independent from the government.
It is stated here
Covid 19 coronavirus: Reserve Bank expands QE to $100 billion