Australian shoppers are set to splash out in the run-up to Christmas, with a record $50 billion in retail sales expected nationally across the festive season.

The expected overall figure would be five per cent jump on last year, with shoppers increasingly buying online and closer to Christmas Day.

Deloitte Access Economics has released its retail forecast report, titled Running on Empty.

Partner and Principal Author David Rumbens tells John Stantely “it means that we’re spending more than we can afford at the moment”.

“We’re financing that by borrowing more or running down savings.”

Click PLAY below to hear the full interview