This report explores the economic implications of a delayed transition to net zero emissions for the finance sector. The modelling activity is a first step towards understanding the economic impacts on Australia through to 2050, reflecting our role in global trade and the nature of our key economic sectors. Two NGFS scenarios have been considered in this report: Current Policies and Delayed Transition. The variability in results from this relatively limited analysis illustrates the importance of considering risks that the financial sector and Australian business more generally are exposed to under differing emissions paths and policy settings. In providing this analysis it is our intent to catalyse conversation across a wide range of business sectors exposed to climate-related risks.