Government climate risk assessment outlines bleak future for Australian heatwaves, property values
Extreme climate change could drive hundreds of billions of dollars in losses to Australian property values over the coming decades, according to a long-awaited Government risk assessment, which also warns of more extreme heatwave days.
Australia’s first National Climate Risk Assessment has been released, predicting coastal flooding could occur as often as 193 days each year by 2090, with sea levels expected to rise by more than half a metre.
The report finds that “current hazard proneness is most pronounced in northern Australia (WA North, NT and north Queensland), particularly north-western Australia”.
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By continuing you agree to our Terms and Privacy Policy.“Communities in northern Australia – including the Northern Territory, Queensland north, and Western Australia north – are exposed to multiple climate hazards, including heatwaves, flooding, tropical cyclones, and bushfires,” the report states.
According to the document prepared by the Australian Climate Service, each dollar spent on climate adaptability to prevent future losses could eventually lead to future savings of up to $10.
Unveiling the report, Climate Change Minister Chris Bowen has warned “Australians are already living with the consequences of climate change today, but it’s clear every degree of warming we prevent now will help future generations avoid the worst impacts in years to come.”
More to come.
