One and a half million Australians living in coastal areas are at risk from rising sea levels by 2050, a landmark climate report has warned.

Australia's first National Climate Risk Assessment predicted more frequent and severe climate hazards like floods, cyclones, heatwaves, droughts, and bushfires.

Australians are already living with the consequences of climate change today, Climate Change Minister Chris Bowen said, but it's clear every degree of warming we prevent now will help future generations avoid the worst impacts in years to come.

The report looked at three global warming scenarios - above 1.5C, above 2C, and above 3C. Australia, one of the world's biggest polluters per capita, has already reached warming above 1.5C, the report noted, stating that at 3C, heat-related deaths in Sydney could rise by over 400% and nearly triple in Melbourne.

The 72-page report, released days before the government announces its emissions reduction targets for 2035, found that no Australian community will be immune from climate risks that will be cascading, compounding and concurrent.

Warnings include increased heatwave-related deaths, poorer water quality due to severe flooding and bushfires, and a projected drop in property values by A$611 billion ($406 billion).

By 2050, the report projects that the number of coastal communities in high-risk areas will increase, impacting over 1.5 million people unless population levels change.

Northern Australia, along with remote communities and major cities’ outer suburbs, is particularly at risk. This will put pressure on health, critical infrastructure, natural species and ecosystems, and primary industries, the report cautions.

The report also highlights the perilous state of coral reefs, including the Great Barrier Reef and Ningaloo Reef, both of which face elevated risks of bleaching and biodiversity loss due to warmer oceans.

One thing that is very clear from this climate assessment is that our whole country has a lot at stake, Bowen added, making the case that the cost of inaction will outweigh the cost of preventive measures.

In reaction to the report, the government introduced a national adaptation plan, advocating for collaboration among federal, state, and local entities in addressing climate issues.

Australia has pledged a 43% reduction in emissions by 2030, yet faces criticism for its continued reliance on fossil fuels.

Climate Council chief executive Amanda McKenzie declared the report's findings alarming, urging the government to commit to more substantial emissions cuts to mitigate increasing climate threats.