Reserve Bank Australia says households may struggle to repay debts as asset prices will probably become more volatile
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The Reserve Bank has warned banks, insurers and other businesses to act now to manage the financial threats from global warming, with directors and trustees likely to face litigation risks if they don’t take “appropriate actions”.
In a broad-ranging speech on Wednesday, the central bank’s head of domestic markets, Jonathan Kearns, said the climate crisis was a “significant issue” for the economy and society. Effects would be “more severe” if actions were delayed.