$260 million to supercharge the shift to EVs in NSW
The Minns Government will invest $260 million in the 2023-24 NSW Budget to increase electric vehicle uptake in NSW and help us achieve our Net Zero emissions targets.
The funding will underpin the rollout of a new NSW EV Strategy which will be developed in partnership with industry stakeholders, to boost investment in critical EV infrastructure.
The Government will prioritise investment in infrastructure for drivers in regional NSW, renters and people who live in apartments, and people who don’t have access to home charging so they can still take advantage of the cost savings from owning an EV. It will fund projects such as fast chargers on commuter routes, more kerbside chargers near apartment blocks, and upgraded grid capacity and charging hubs to support fleets.
This will ensure NSW is ready for EV ownership on a massive scale.
As part of the Minns Government’s reform package, rebates for EV purchases and exemptions for stamp duties will cease on 1 January 2024. However, transitional arrangements will ensure those who have purchased or placed a deposit on an eligible EV, and are awaiting delivery of the vehicle, will still be eligible, regardless of whether the vehicle has been delivered by that date.
These incentives are being phased out because they risk driving up the cost of EVs, resulting in increased profits to manufacturers.
A Road User Charge will commence as planned from 1 July 2027 (or, if earlier, when battery EVs make up 30 per cent of new light vehicle registrations) and will apply to all zero and low emissions vehicles, including plug-in hybrids, registered for the first time or transferred from 1 January 2024.
Quotes attributable to Minister for Energy and Climate Change Penny Sharpe:
“Increasing the number of electric vehicles on our roads is an essential step to NSW getting to Net Zero emissions.
“To facilitate EV uptake, the NSW Government will increase funding to essential infrastructure.
“Whether it is in apartment buildings, commuter car parks or kerbside, we are committed to making sure the infrastructure is in place to get electric vehicle drivers from A to B.”
Quotes attributable to Treasurer Daniel Mookhey:
“It’s important the scarce taxpayer dollars we have to transition to electric vehicles are being well spent.
“The benefits of government spending shouldn’t be concentrated in the hands of the few, we must ensure it’s spread across the whole state.
“Savings gained from cutting these costly exemptions and rebates will be reinvested, where it is needed, to deliver a more equitable and efficient EV roll out.”