This chapter relates the concept of ‘risk’ to those of ‘liveability’, ‘amenity’ and ‘wellbeing’ by investigating how risk and hazard can affect the Australian vulnerability to bushfires and flooding. The most catastrophic fire and flood events in Australia’s post-colonial history have occurred in recent years. The concept of ‘risk’ is defined and then explored through an examination of two elements: ‘likelihood’ and ‘consequence’. Two factors are contributing to increased levels of bushfire and flood risk: the large-scale expansion of settlement particularly into high-risk peri-urban areas, and increasing levels of risk because of anthropogenic climate change. The possibility of rapid non-linear change requires planning for alternative futures and rigorous alternative policies. Multiple climate hazard events are occurring at the same time in the same or connected locations, or multiple climate extremes in succession. The need to consider complex interacting social and ecological factors in analysing risk through integrated governance arrangements is now increasingly important. The most effective means of anticipating risk to prevent or limit harm is the use of land use planning systems. However, Australian governments have increasingly adopted neo-liberal planning systems which have encouraged large-scale expansion of settlement particularly into peri-urban areas which are among the world’s most vulnerable to catastrophic bushfire and flood. Widespread abandonment of residential properties and even townships is now increasingly likely.