Australians will have to accept that they will get less for their money in the near future. All countries will have to join the carbon club eventually. Not using as much petrol is a possibility, but doing without air conditioning particularly the wealthy that will be difficult. It seems the pillars of capitalism will be challenged. This is the kind of post-capitalism that twenty years ago hardly anyone would imagine. A society that really cares for the environment? That is something new. We have spent two centuries running rough-shod over the countryside, dumping pollutants everywhere. The time has arrived to get out the shovel and broom and start cleaning up.
Lower consumption will not be a problem. Permanent prices rises are in order across the board, with national GDP remaining at about the same level. The cost of living will be significantly higher. House prices will probably fall, though, due a lower capacity to pay. The problem lies in convincing those in developing countries that they will never enjoy the standard of living we in the West had for such a long time.