<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Hundreds of billions of dollars will be wiped from the value of </span><a href="https://www.9news.com.au/australia" rel="" target="" title="Australian"><span>Australian</span></a><span> properties in the coming decades due to the impact of climate change.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The </span><a href="https://www.9news.com.au/national/the-national-climate-risk-assessment-australia-key-takeaways-millions-at-risk-of-flooding-heatwave/30c25f88-7101-49ec-8c6c-d9daf122fa54" rel="" target="" title="federal government released the nation's first climate risk assessment this morning"><span>federal government released the nation's first climate risk assessment this morning</span></a><span>, 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.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>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.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/the-national-climate-risk-assessment-australia-key-takeaways-millions-at-risk-of-flooding-heatwave/30c25f88-7101-49ec-8c6c-d9daf122fa54"><strong><span>Heatwave deaths to soar, 1.5 million Aussies at risk of flooding: climate report</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That hit would increase to $611 billion by 2050, and $770 billion by the end of the century, the risk assessment found.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australians have a huge proportion of their wealth tied up in property, with it accounting for about two-thirds of all household assets.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The combined worth of all the country's property is currently sitting at $11.5 trillion.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/australia-climate-change-risk-assessment-property-impact/6278ac2c-1e4a-4a60-867b-66e761984ebf" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The risk assessment also painted a bleak picture for the affordability and availability of insurance for homeowners wanting to safeguard their holdings.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/charlie-kirk-shooter-tyler-robinson-what-we-know-political-views-explained/9a17a048-d30a-4bd2-8882-a24bc7d7ca27"><strong><span>What do we know about Charlie Kirk's alleged killer?</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Climate change is expected to drive escalating economic costs across all communities," the report states.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Sea level rise will intensify coastal flooding and erosion, exacerbate flood and tropical cyclone impacts, and increase the severity and frequency of extreme events.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"These changes will notably increase insurance costs, leading to more underinsured or uninsured properties."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Climate Change Minister Chris Bowen said the report showed the need for Australia to act against the danger posed by the warming planet.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We are not working on reducing emissions for fun, the path to net zero is important, we are doing it because the impacts of our country are real," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/sti-data-released-syphilis-rates-on-the-rise-hiv-down/e1b8a78d-108e-4b86-bb3f-d685de31dd46"><strong><span>These STIs have doubled in infections in Australia - with deadly results</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Importantly, the worst impacts are still avoidable.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We are living climate change now; it's no longer a forecast, projection, or prediction, it is a lived reality... but it's not too late to avoid the worst of the impacts.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"As the report makes clear, the difference in terms of impact between 1.5 and 2 degrees, let alone three, is very real for Australia.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"So our efforts on mitigation must and will continue."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Following the report, the government is expected to hand down its emissions reduction target for 2035 later this week.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>:</span></em></strong><span> </span><em><strong><span>Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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