Zali Steggall MP asks the Treasurer about the financial risk of climate change
3 September 2025
Zali Steggall MP: For the Treasurer - climate change is projected to cost the economy up to $76 billion by 2060 per year. Making it one of the biggest threats to national productivity. The Government has not released the national risk assessment nor ONI report, and is continuing to approve projects that will make this economic risk worse. You did not have that adaptation or resilience at the Economic Reform Round table. What can you tell the Australian people of the financial exposure of climate risk to the economy?
Treasurer: Thank you to the Member for Warringah for her important question. The exposure is substantial, and that was why it was part of the discussions at the Economic Reform Round Table. It's why we had the Conservation Foundation there, it's why we had Ken Henry there for that and other reasons. It's front of mind for the Government. I've been working very closely with the Minister for Climate Change and Energy on the risk and adaptation part of our climate change agenda. You're right to point out that it has very close alignment with all of our broader economic considerations as well. I spent a lot of time with the Minister on this question. He has said publicly we'll be releasing the risk and adaptation work this month, September of 2025, and when that happens I'll be part of that because we have worked very closely together on it, and when we released that important work, I welcome the contribution from the Member for Warringah, these are important issues and they do have a lot of economic consequences attached to them.
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