Climate damage: $7 trillion hit to standard of living

Climate change impacts, including more severe natural disasters, will harm future well-being. (Dean Lewins/AAP PHOTOS)

The worst is yet to come for Australians already suffering from climate change, with living standards forecast to take a $7 trillion hit between now and 2050.

Economic modelling by a network of 141 central banks including Australia's Reserve Bank predicts a 14 per cent annual blow to the nation's gross domestic product under existing global climate policy settings.