In Australia, the total annual cost of damage due to floods, coastal inundation, forest fires, subsidence and wind  is estimated to increase 55% between 2020 and 2100 for RCP8.5 . National damage costs and impacts on asset values could be significant . The macroeconomic shocks induced from climate change, including reduced agricultural yields, damage to property and infrastructure and commodity price increases, could lead to significant market corrections and potential financial instability . Under a 'slow decline' scenario by 2060 where Australia fails to adequately address climate change and sustainability challenges, GDP is projected to grow at 0.7% less per year and real wages would be 50% lower than under an 'outlook scenario' where Australia meets climate change and sustainability challenges .
IPCC
Climate Change 2022: Impacts, Adaptation and Vulnerability
IPCC Report