Harvesting machinery can be seen behind a wheat crop in a paddock located on the outskirts of the South Australian town of Jamestown, in Australia, December 1, 2017.
Global warming is leading to hotter and more extreme weather in Australia, one of the world's largest exporters of agricultural products.
"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.
"If further action isn't taken, Australian crop yields could be 4 per cent lower by 2063 – costing us about A$1.8 billion in GDP in today's dollars."
($1 = 1.5569 Australian dollars)Reporting by Peter Hobson; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.
Persons:
David Gray, Jim Chalmers, Chalmers, Peter Hobson, Michael Perry
Organizations:
REUTERS, Thomson
Locations:
Jamestown, Australia, Queensland, decarbonisation