Extreme weather disasters will cost Australians $8.7 billion a year by 2050 without strong action to address climate risks, underlining the need for national leadership on adaptation.
The new report Home safe: National leadership in adapting to a changing climate examines how climate change is increasing the frequency and severity of flooding, bushfires, extreme storms and coastal erosion, and the rising costs of these events for Australians.
Back-to-back disasters have cost the Australian economy $2.2 billion in the first half of 2025 alone. Disasters like Cyclone Alfred and record flooding on the NSW Mid-North Coast have recently seen tens of thousands of Australians forced from their homes and burdened with major clean-up costs.
Climate Change Authority Chair Matt Kean said: “Our homes are our sanctuaries – and the biggest financial investment most Australians will ever make.
“Millions of Australian homes now face escalating risks from climate change. Devastating flooding on the NSW Mid-North Coast last month is the latest example, but won’t be the last.
“Authorities will need to review and tighten building codes. Parts of coastal Queensland and WA not now covered by cyclone construction standards may need to be, and soon.
“These are the kinds of practical steps we can take to make Australia more resilient in a changing climate. And they’re worth it – every dollar invested in reducing climate risks can save up to $11 in recovery costs,” Mr Kean said.
Download the full media release.
Read the full report on the Authority’s website.
Media inquiries:
CCA Media Team
E: media@climatechangeauthority.gov.au
P: 0481 464 027