"As of today,the big short-term risk would be the coronavirus. We don’t know how far that will spread,we don’t know what it will do to the tourism industry,we don’t know what it will do to infrastructure assets such as airports,airlines,"Mr Costello said.
Climate change was a"longer-term"issue,he added.
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"It's[climate change] obviously something we look at. It's a significant thing to look at,it's not the only thing to look at."
Mr Costello,a former federal treasurer,is also the chairman of Nine Entertainment Co,which is the owner ofThe Sydney Morning Herald andThe Age.
Increasing fears among economic policy leaders that climate change could cause the next financial crisis have flared up as Australian communities reel from the worst bushfire season on record.
BlackRock last week said it would cut its holdings in thermal coal producers,describing climate change as a"fundamental reshaping of finance". The International Monetary Fund and Bank for International Settlements have both warned in recent weeks that climate change poses serious risks to the global financial system.