{"id":65486,"date":"2023-09-26T03:23:53","date_gmt":"2023-09-26T07:23:53","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/global-warming-will-hit-australian-crop-yields-and-gdp-treasurer-says\/"},"modified":"2023-09-26T03:23:55","modified_gmt":"2023-09-26T07:23:55","slug":"global-warming-will-hit-australian-crop-yields-and-gdp-treasurer-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65486","title":{"rendered":"Global warming will hit Australian crop yields and GDP, treasurer says"},"content":{"rendered":"
\n

CANBERRA (Reuters) – Australian crop yields could be 4% below current levels by 2063, reducing the country’s economic output by A$1.8 billion ($1.2 billion) a year, unless action is taken to mitigate the impact of climate change, Treasurer Jim Chalmers said on Tuesday. <\/p>\n

Global warming is leading to hotter and more extreme weather in Australia, one of the world’s largest exporters of agricultural products. <\/p>\n

After torrential rainfall in 2022, record temperatures and dry conditions this year have sharply reduced Australia’s projected wheat harvest. <\/p>\n

“The latest analysis out of Treasury tells us that disasters and a warming climate have big, economy wide effects,” Chalmers told an agricultural conference in Queensland dedicated to drought.<\/p>\n

“If further action isn’t taken, Australian crop yields could be 4 per cent lower by 2063 \u2013 costing us about A$1.8 billion in GDP in today’s dollars.”<\/p>\n

Chalmers said bushfires in 2019 and floods in 2022 had cost the Australian economy around A$1.5 billion each and the government was investing in decarbonisation, drought resilience and disaster recovery programmes.<\/p>\n

“What was $335 million in Commonwealth spending on disaster recovery in 2017-18 has become around $2.5 billion in 2022-23,” he said. <\/p>\n

“The pressure of a changing climate and more frequent natural disasters is constant, cascading, and cumulative.”<\/p>\n

($1 = 1.5569 Australian dollars) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CANBERRA (Reuters) – Australian crop yields could be 4% below current levels by 2063, reducing the country’s economic output by A$1.8 billion ($1.2 billion) a year, unless action is taken to mitigate the impact of climate change, Treasurer Jim Chalmers said on Tuesday. 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