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The increasing atmospheric concentration of carbon dioxide ([CO2]) contributes to global warming and the accompanying shifts in climate. However, [CO2] itself has the potential to impact on Australia’s terrestrial biodiversity, due to its importance in the photosynthetic process, which underlies all terrestrial food webs. Here, we review our knowledge regarding the impacts of elevated [CO2] on native terrestrial species and ecosystems, and suggest key areas in which we have little information on this topic. Experimental information exists for 70 (or less than 0.05%) of Australia’s native terrestrial plant and animal species. Of these, 68 are vascular plants. The growth of Australian woody species is more reliably increased by elevated [CO2] than it is in grasses. At the species level, the most overwhelming responses to increased [CO2] are a reduction in plant nitrogen concentration and an increase in the production of secondary metabolites. This is of particular concern for Australia’s unique herbivorous and granivorous marsupials, for which no information is available. While many plant species also displayed increased growth rates at higher [CO2], this was far from universal, indicating that changes in community structure and function are likely, leading to alterations of habitat quality. Future research should be directed to key knowledge gaps including the relationship between [CO2], fire frequency and fire tolerance and the impacts of increasing [CO2] for Australia’s iconic browsing mammals. We also know virtually nothing of the impacts of the increasing [CO2] on Australia’s unique shrublands and semi-arid/arid rangelands. In conclusion, there is sufficient information available to be certain that the increasing [CO2] will affect Australia’s native biodiversity. However, the information required to formulate predictions concerning the long-term future of almost all organisms is far in excess of that currently available.