Australians are flocking to electric vehicles (EV) in record numbers, with sales of plug-in electric vehicles tripling in the past year from 6,900 in 2020 to 20,665 in 2021. EVs now account for 2% market share of all new cars, up from 0.78% in 2020.
To promote the switch to EVs, state and territory governments have banded together to provide subsidies for Australian motorists. Below you’ll find a guide to EV subsidies or stamp duty concessions for your relevant state or territory.
The Sunshine State’s EV incentive policy is simple - you pay less stamp duty.
Although there are no grants or subsidies available currently, drivers pay significantly less stamp duty than combustion engines - $2 per $100 in value up to $100,000, and $4 per $100 after the threshold.
The Queensland Government crunched the numbers and estimates Queensland motorists would save $4,869.75 over five years.
Queensland motorists can find out more on the Queensland Government website.
Offering one of the most significant subsidies for EVs across the country, New South Wales motorists are incentivised to switch to EVs with $3,000 Government rebates applicable to first 25,000 EVs sold under $68,750.
New South Wales motorists are also offered stamp duty waivers for EVs priced under $78,000.
Plug-in hybrid electric vehicle (PHEV) owners are not eligible for the $3,000 rebate or stamp duty exemptions, however are provided with a $30 discount on annual vehicle registration.
NSW motorists can find out more on the New South Wales Government website.
Joining their neighbours, Victorian motorists are incentivised to switch to EVs with $3,000 Government rebates applicable to first 20,000 EVs sold below $68,740.
The Victorian Government also offers motorists a luxury duty waiver for EVs over $100,000 and a $100 annual discount on registration fees.
Plug-in hybrid electric vehicle (PHEV) owners are not eligible for the rebate or discounts offered.
Victorian motorists can find out more on the Victorian Government website.
Alongside New South Wales and Victoria, South Australian motorists are incentivised to switch to EVs with $3,000 Government rebates applicable to first 7,000 EVs sold.
The South Australian Government also offers three years free registration for new EVs.
South Australian motorists can find out more on the South Australia Government website.
Western Australia is yet to formally introduce subsidies, though it does offer a $200 rebate for home-charging an EV or plug-in hybrid as part of its Home Plan incentive.
Western Australian motorists can find out more on the Western Australia Government website.
Northern Territory motorists are incentivised to switch to EVs with $1,500 discounts provided across both new and used EVs from July 2022 until July 2027.
The Northern Territory Government will also provide a further sweetener, offering five years free registration from July 2022 for new and used EV owners.
Northern Territory motorists can find out more on the Northern Territory Government website.
Tasmania is yet to formally introduce subsidies, however Apple Isle motorists are offered stamp duty waivers across all EVs until July 1, 2023.
Tasmania motorists can find out more on the Tasmania Government website.
Motorists in the nation’s capital are incentivised to switch to EVs with the Australian Capital Territory Government offering interest free loans of up to $15,000.
The Government will also offer stamp duty waivers for EVs from $400 to $5,100 alongside two years free registration for EVs purchased up to June 30, 2024.
Australian Capital Territory motorists can find out more on the Australia Capital Territory Government website.
Keen to take advantage of relevant subsidies offered by your state or territory and make the switch to an EV? Check out our Electric Vehicle car loans to push the ignition on your new car dreams.
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