The intergenerational report says climate is a ‘profound’ risk to Australia. But the full picture may be even worse

The IGR released by treasurer Jim Chalmers excludes drought, heatwaves and the Great Barrier Reef

“The future in relation to climate change is highly uncertain,” the report says. “The extent of future climate change, and the risks and opportunities emerging from it, will be affected by many unpredictable factors.”

It warns “as temperature increases approach 2C, the risk of crossing thresholds which cause nonlinear tipping points in the Earth system, with potentially abrupt and not yet well understood impacts, also increases”. Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

That assessment, however, only assesses four “natural hazards” – bushfires, tropical cyclones, floods and storms – as they presently receive the bulk of spending.

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