Australia is heading for a decade of budget deficits on the back of big spending by governments. But public spending is also the only thing keeping us out of recession right now... even though it's contributing to the inflation challenge for the Reserve Bank. It's quite the puzzle, and a challenge for the Government and the RBA.

Cherelle Murphy, EY Chief Economist, talks to Sean Aylmer about the various pieces of Australia's economic puzzle, and what 2025 might hold.