Summary: The New South Wales (NSW) Labor government will discontinue rebates and stamp duty exemptions for electric vehicles (EVs) starting from January 1, 2024, citing potential cost increases for EVs and increased profits for manufacturers. The decision is expected to save $527 million. However, the government plans to invest $260 million in additional EV infrastructure to support drivers in regional areas, renters, apartment dwellers, and those without access to home charging. This investment will include the installation of fast chargers on commuter routes, kerbside chargers near apartment blocks, and improved grid capacity and charging hubs for fleet support. The funding will benefit from a collaborative approach between the government and industry stakeholders to develop a new NSW EV Strategy. Moreover, starting from July 1, 2027, or earlier if battery EVs reach 30% of new light vehicle registrations, a Road User Charge will be implemented in NSW, applying to all zero and low emissions vehicles, including plug-in hybrids.
– Rebates: Financial incentives or reimbursements provided by the government to encourage the purchase of certain products or services.
– Stamp duty exemptions: Exemptions granted on the payment of a tax normally imposed on legal documents, such as property transfers or vehicle purchases.
– Charging infrastructure: The infrastructure required for charging electric vehicles, such as charging stations and associated power supply.
– Grid capacity: The ability of an electrical grid to handle and distribute power efficiently and reliably.
– Fleets: A group of vehicles owned or leased by an organization or company for business purposes.
– Road User Charge: A charge imposed on road users to compensate for the reduced revenue from fuel excise due to the increase in electric vehicle adoption.
– NSW Labor Government
– NSW Treasurer Daniel Mookhey