It is a false dilemma, because these two are complement not substitute, argued John Quiggin in his web-based presentation (Invited to Adelaide for a conference, he didn't go but sent in the video instead to reduce his carbon footprint).
The argument itself is not refreshing. But he showed a case study of estimating agricultural economic values in MDB under different climate change scenarios. Good news is that the economic values will not change much for the mitigation 450ppm scenario (left: BAU, right: mitigation 450ppm). I did search their project website but didn't find the report where the diagrams came from.
PS: He also mentioned that they didn't model institutional changes for the mitigation scenarios, which means, things might be even rosier if they have a coordinative plan.