Research by Griffith University, World Wildlife Fund Australia and the University of Queensland, estimated that saving 99 priority terrestrial and freshwater species from extinction, over 30 years, would cost 15.6 billion dollars annually.
However, 16 species are considered unrecoverable, due to climate change and other persistent threats.
The study, which did not include marine creatures, calculated that species could be kept off the critically endangered list by securing at least 100 square kilometres of habitat.
Australia has one of the highest species loss rates globally, and is working to prevent further extinctions, with the federal government having introduced the Threatened Species Action plan in 2022.
Lead study author Michelle Ward from Griffith University commended the federal government’s commitment to conservation and preventing extinctions, but stressed the need for more funding.
Labor pledged to reform environmental regulations by establishing an independent watchdog, but its protection laws have been delayed amid pressure from Western Australia’s mining sector.
Environment Minister Tanya Plibersek said the government is investing over 550 million dollars to safeguard threatened species.