To tell the truth I'm not sure if they know if CO2 destroys ozone by itself. I'm thinking no, however other byproducts and chemicals we're sending up are destroying it.
Without ozone and even without a magnetic field I don't think it would be all over for Australia though, hehe. Many times in the past the Earth has been without a magnetic field, and while it's definitely unhealthy (and will cause medical problems), that particular problem would be likely to remedy itself within a decent timeframe. Although, I only know this for sure when it comes to the magnetic field, when it comes to ozone I'm not sure if anyone really knows. Both shield the Earth from harmful radiation.
Seeing how magnetic anomolies are popping up in recent times, and how magnetic north is shifting slowly, it wouldn't surprise me if we lose the magnetic field sometime within a thousand years (in which case it would be in the process of physically flipping). That has nothing to do with us though, hehe, that's more in the realm of astronomy and geology. To lose the ozone and the magnetic field at the same time though, I dunno what would happen.
If you want to hear more about the magnetic field though, just IM me.