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Potential elimination of electric vehicle rebates in NSW

New South Wales may be on track to become the second state in Australia to cut electric vehicle (EV) rebates, following confirmation from Premier Chris Minns that the state government was contemplating removing the subsidies in the upcoming budget.

Mr. Minns’ comments come after the New South Wales treasury estimates found no substantial evidence the states’ EV rebates were boosting sales, although the NSW Electric Vehicle Strategy anticipates that EV sales will increase by 52 percent by 2030-31.

“The government would consider changes to electric vehicle rebates after advice showed incentives could be raising vehicle prices,” Mr. Minns said.

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“We’ve got a subsidy in place that we think is pushing up the costs of EVs, and we’re seeing EVs take up from about two percent to eight percent in the marketplace.”

Currently, New South Wales residents buying a new EV that costs less than $68,750 can receive a $3000 rebate on the purchase price, and new and used EVs that are under $78,000 are exempt from stamp duty.

If the subsidy is removed, NSW will be following Victoria, the first Australian state to remove its $3000 EV rebate in June as the state government looked at ways to reduce debt.

Other Australian states offer EV incentives, with Queensland recently doubling its household EV rebate from $3,000 to $6,000.

Western Australia has a $3,500 rebate, and South Australia has a $3,000 rebate.

An EV Automotive E3 Glory crossover SUV is seen at Sydney Olympic Park in Sydney, Australia, on Oct. 25, 2019. (Mark Kolbe/Getty Images)
An EV Automotive E3 Glory crossover SUV is seen at Sydney Olympic Park in Sydney, Australia, on Oct. 25, 2019. (Mark Kolbe/Getty Images)

According to the NSW government’s electric vehicle strategy, the average NSW driver is likely to save around $1000 in running costs per year by switching to an EV, with further savings for vehicles on the road more often, including taxis, buses, freight and rideshare vehicles.

A taxi driver can also save up to around $4,500 per year by switching from a hybrid petrol car to a battery EV or even more if switching from a traditional petrol vehicle.

For buses, the recent trial in Sydney found the state can achieve reductions in operating and maintenance costs by switching from diesel to electric buses, with a complete fleet transition estimated to reach between $1.1 and $1.9 billion in environmental cost savings.

For Australians, reducing tailpipe emissions from vehicles can deliver significant health benefits for New South Wales, particularly those with respiratory health conditions like asthma, made worse by greenhouse gas emissions.

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