Rising oceans and flooding caused by climate change will threaten the homes and livelihoods of over a million Australians by 2050 while deaths from heat-related illness will soar, a landmark report warned Monday ahead of the country's releasing its emission reduction targets this week.

The long-awaited national climate risk assessment found that rising temperatures will have "cascading, compounding, concurrent" impacts on life in Australia, home to more than 27 million people.

"We are living climate change now. It's no longer a forecast, a projection or prediction -- it is a live reality, and it's too late to avoid any impacts," Climate Minister Chris Bowen said.

The report, prepared independently for the government, found that 1.5 million people living in coastal areas will be at risk

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