In this report, the authors conclude that if the rising costs of extreme weather are to be mitigated, the government of Australia should focus more on resilience and future-proofing. Climate change is driving worsening destructive extreme weather events in a range of different ways around Australia; from more severe bushfire seasons and intense heatwaves to more powerful cyclones, flash flooding and droughts. Part 1 of this report looks at the latest literature on climate change and outlines the well-established link between climate change and the increased frequency and intensification of extreme weather events. Part 2 examines the direct economic costs to the Australian people, both in terms of insurance and government expenditure. Part 3 looks at the indirect costs, with a focus on the 2022 East Coast floods. Finally, in Part 4, the authors conclude that if the rising costs of extreme weather are to be mitigated, the government should focus more on resilience and future-proofing.