http://www.bloomberg.com/news/2011-05-23/sydney-melbourne-vulnerable-to-rising-sea-level-climate-commission-says.html

Coastal regions near Australia's largest cities of Sydney and Melbourne are vulnerable to rising sea levels and "extreme" flooding caused by global warming, the Climate Commission said.

Sea levels may rise 0.5 meter to 1 meter (1.64 feet to 3.3 feet) by 2100, threatening areas covering much of Australia's population and infrastructure, according to a report released today by the commission, established by the federal government earlier this year to study climate change.
"While a sea-level rise of 0.5 meter -- less than the average waist height of an adult human -- may not seem like a matter for much concern, such modest levels of sea-level rise can lead to unexpectedly large increases in the frequency of extreme high sea-level events," the report found.
Failing to act as the atmosphere and ocean warm, ice is lost from glaciers and rising sea levels may pose "huge risks" to the economy, the study found. Australian Prime Minister Julia Gillard aims to introduce a price on carbon emissions starting in July 2012 to curb greenhouse gas pollution before a trading system that may begin as early as 2015.