Intergenerational report 2023: Aussie jobs set to change because of climate change as fears rise...
Outside jobs and manual occupations could be greatly hampered by , a new government report says. Combined with lower crop yields, reduced tourism and a tripling in the cost of natural disasters, the total cost to the economy could be between between $135billion and $423billion in today's dollars depending on how far temperature rises. 'The reduction in tourism demand associated with higher temperatures is projected to be half as big if warming can be limited to 2C, compared to a 3C scenario,' according to the report. 'The IGR makes clear the costs that could come with rising temperatures, the impact on specific sectors like agriculture and tourism,' Mr Chalmers said. 'Plus, the vast scale of investment needed to respond.' However, the cost to make the transition to greener power and technology in Australia is estimated to be Australian businesses are also vulnerable to soaring costs in energy which may have a 'substantial impact' on their overall competitiveness. 'Growing international demand for renewable energy and low-emissions products could also present significant trade opportunities for Australia, further supporting new jobs and economic growth,' the report said. Treasury has also warned that an increase in natural disasters pose a key threat to the longevity of Australia's physical infrastructure, with projections suggesting spending on disaster relief will increase 3.6 times over the next 40 years. 'Natural disasters contribute to fiscal pressures across all levels of government, particularly through disaster assistance,' the report said. On the upside Treasury estimates Australia could benefit by up to $155billion in today's dollars if global action successfully limits temperature increases to 2C. Australia is already the world's largest supplier of lithium and national export volume is projected to double over the next five years from 2.2m tonnes in 2022 to 4.5m tonnes by 2028.