Australia should set up a national risk register that includes plans for managing climate-related disasters, the Committee for the Economic Development of Australia (CEDA) says in a new report.

“Statistics show the number of catastrophic weather events is increasing and the economic losses associated with these events are also trending up, which is why we need a national approach to address those risks,” CEO Stephen Martin says.

CEDA’s Economics of Climate Change report suggests the national register could include risk management strategies for the public and private sector, taking into account the probability and consequence of adverse events.

It says floods in the Queensland town of Roma show the cost of inaction.

“If a levee to protect the town had been built in 2005, it would have cost $20 million,” the report says.

“However, since 2008 $100 million has been paid in insurance claims and since 2005 a repair bill of more than $500 million has been incurred by the public and private sectors.”

CEDA says the 2011 Queensland floods hit insurance earnings, reduced mine production, raised coal prices and affected companies relying on cheap coal.

The report warns Australia is a long way behind other countries in planning for possible climate change effects on business and infrastructure, including risks to supply chains and the broader economy.

International climate change strategies are also changing global capital flows and energy use, potentially affecting Australia – even as the Federal Government steps back from emissions regulation and countries fail to agree on binding global commitments.

“No business is immune from the economic impacts driven by climate change,” the report says.