Global Warming Could Cost Australia Up to $423 Billion, Says Labor’s Intergenerational Report

The Australia Flag flies under red skies during the Black Summer bushfires in East Gippsland, Australia, on Jan. 4, 2020. Darrian Traynor/Getty Images

A 3 to 4 degrees Celsius increase in global temperatures could cost the Australian economy up to $423 billion (US$274 billion) over the next four decades, according to the latest Intergenerational Report.

This is one of several projections by the Treasury on how Australia will look over the next 40 years, which also includes challenges with productivity, economy, and demographics.