How much is climate change going to cost? That’s a question which has been addressed in the State of the Regions Report prepared by consultants National Economics on behalf of the Australian Local Government Association. According to the study, the average weekly cost to urban households in Australia will be $32, and the average weekly cost to rural households will be $60.
The loss of agricultural productivity attributable to climate change is predicted to be at least $3 billion per year. Additional operating costs for water supply will grow to over $5 billion per year over the next 15 years. Capital investment in water supply is likely to be $5 billion per year over the next 5 years. The costs are likely to fall disproportionately on the regions that can least afford them.
Other stark news from the report includes the fact that, while Australia’s real household disposable income is growing by about $24 billion per year, household debt is growing by about $120 billion per year. Australia remains comparatively uncompetitive in the global information and communication technology sector – especially in the roll out of high speed broadband as a driver of economic development.