The Wentworth Group of scientists has released economic modelling on global warming, compiled with the help of CSIRO scientists.
A founding member of the group, Peter Cosier, said that the report showed Australia's strong economy and quality of living could be maintained, even with a 60 percent cut in carbon emissions.
"More than a decent quality of living, we can continue the spectacular economic growth that we've seen in Australia over the last century going on into the next century and we can do so, and at the same time stabilise the world's climate system," Mr Cosier told ABC radio.
"We can stabilise the world's climate by the end of this century and still have average per capita incomes in this country of something in the order of A$177,000 a year, and that's in today's money."
Mr Cosier said wages would remain high but only on the assumption that global warming would not cause any economic dislocation.
"If we continue the economic growth as predicted by our treasury, then we will have by the end of this century something like $185,000 per year per person.
"That's if we do nothing about carbon emissions on the assumption that climate change won't cause any economic damage," he said.
"These figures prove that this is not a contest between economic growth and environment. It's not a left or right-wing issue - it's a moral choice," he said.