Australian Climate Risk Assessment: Australians to suffer up to $770 billion property hit due to climate disaster

Hundreds of billions of dollars will be wiped from the value of Australian properties in the coming decades due to the impact of climate change.

The federal government released the nation's first climate risk assessment this morning , which not only laid bare the risk millions of Australians will face due to worsening natural disasters, rising sea levels and increasing temperatures, but also the impact on the economy.

Under the worst-case, high-emissions scenario in which global temperatures rise by 3 per cent, the risk assessment found $571 billion in value would be wiped from the property market in the next five years alone.

That hit would increase to $611 billion by 2050, and $770 billion by the end of the century, the risk assessment found.

Australians have a huge pr