The Garnaut Climate Change Review has been commissioned by Australia's Commonwealth, state and territory governments to examine the impacts of climate change for Australia and strategies for dealing with the issue. The Draft Report was released yesterday in Canberra.

Economist Professor Ross Garnaut, author of the report, has stated that by 2050, the effects of climate change in Australia based on "middle of the road" projections would se major declines in agriculture across much of the country, including a 50 per cent reduction in irrigated agriculture in the Murray-Darling Basin. By 2100, irrigated agriculture in the Murray Darling Basin would effectively be wiped out.

Climate change would also wipe off around 4.8 per cent of Australia’s projected GDP and 7.8 per cent from real wages by 2100.

Professor Garnaut has encouraged the Australian government to take a leading role in addressing climate change, as while our efforts alone cannot solve the problem, the hesitancy of all nations to take the serious action needed is costing precious time. Professor Garnaut believes that developed countries must make the first move in order for developing countries to follow suit.

Australians should brace themselves for higher prices on just about everything, if not through the recommended emissions trading scheme (ETS), then through the massive impact of runaway global warming if it is not properly addressed.. and soon.

It's a really good time to start learning to get by on less. By that I don't mean necessarily living in a cave eating rocks; but to trim out the junk in our lives that doesn't serve a useful purpose or doesn't really contribute to our happiness or well being. Voluntary simplicity and downshifting is not only an earth friendly approach to life; it can save you a ton of cash - and many have found increased happiness as a result!

Learn more about The Garnaut Climate Change Review