Climate crisis: business leaders say cost to taxpayers will spiral unless new policies introduced

Organisations such as Australian Industry Group and National Farmers' Federation letter says greater private-sector action needed

Industry, farming and investor groups say the federal government signed up to a goal of global net zero emissions under the Paris agreement and have warned unless new policies are introduced taxpayer spending on climate programs will need to be dramatically increased.

A joint letter by 10 business organisations, including the Australian Industry Group and the National Farmers' Federation, says the government will either need to back new climate policies that drive private-sector action or boost taxpayer funding now and into the future.