Australia, currently battling its worst floods in more than half a century, has failed to adapt fast enough to the growing threats it faces from the impacts of climate change, with its people now suffering the effects of "willful ignorance," analysts have warned.

Heavy rains hit several parts of the country this week, sweeping away houses, roads and livestock and cutting off entire towns in the east. Dangerous flash floods killed two people and more than 40,000 people were forced to flee their homes.

"They call Australia 'disaster alley' because we've got a bit of everything," said Karl Mallon, CEO of Sydney-based Climate Valuation, which advises homeowners and buyers on climate and extreme weather risks.