'Change now or pay later': RBA's stark warning on climate change: SMH

"The Reserve Bank has warned climate change is likely to cause economic shocks and threaten Australia's financial stability unless businesses take immediate stock of the risks."

"Dr Debelle said the bank was speaking about the issue because of the size of the impact climate change would have on the economy.

"Some of these developments are actually happening now," he said.

Dr Debelle said the current drought across large swathes of the eastern states has already reduced farm output by around 6 per cent and total economic growth by about 0.15 per cent.


"We need to think in terms of trend rather than cycles in the weather. Droughts have generally been regarded as cyclical events that recur every so often. In contrast, climate change is a trend change."

That has an impact on monetary policy, Dr Debelle said, citing the temporary shock of banana prices surging after Cyclone Yasi in 2011, which in turn boosted inflation by 0.7 percentage points."

Read the SMH article 

Related: Will predicted sea rise inundation affect property values in Coffs Harbour NSW?

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