Reserve Bank of Australia governor Philip Lowe has warned Australia is already paying the economic price of climate change, while calling for more policy certainty that would allow the nation to exploit "fantastic" renewable energy opportunities.

Speaking in Melbourne at the Australia-Canada economic leadership forum on Thursday, Dr Lowe said from the recent bushfires and drought to an impact on consumer sentiment, it was clear climate change was having an economic impact that would only get larger.

RBA governor Philip Lowe says climate change is already affecting the Australian economy. Credit:Peter Braig

Dr Lowe said while central banks should "stick to their knitting" in areas such as the general economy, there was no way of avoiding the financial implications of climate change.

"Addressing climate change isn't something that is any responsibility of the Reserve Bank of Australia, but what we do have a responsibility to do is to understand the economic and the financial implication of climate change," he said.