Electric Vehicle (EV) Rebates & Incentives – 2023 Guide
With increasing fuel prices, underpinned by a 60% increase in the average cost per tank over the last decade, Australia’s sentiment towards electric vehicles has seen a dramatic shift in recent years.
Once viewed as an alternate source of transportation for those that dined exclusively on a diet of oat milk and kale, electric vehicles are now the fastest growing vehicle segment in Australia. While still nowhere near numbers seen in the world’s EV leader Norway where 79% of all new vehicles sold were electric, Australia is projected to outsell internal combustion engine (ICE) vehicles by 2045.
Historically, the high cost of electric vehicles has made it expensive for most new car buyers. Recently, as state, territory, and federal bodies recognise their role in accelerating EV adoption in Australia, there has been a range of incentives including financial rebates, stamp duty exemptions, and free registration periods to sweeten the deal for EV buyers.
Whether you’re an individual or a business, this simple guide provides a state-by-state breakdown of electric vehicle incentives and rebates for full electric and plugin hybrid electric vehicles (PHEV).
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EV Rebates & Incentives by State
As Australia’s EV adoption is on the rise, each state and territory has implemented its own set of rebates and incentives encouraging the switch away from ICE vehicles. These incentives are tailored towards each jurisdiction and consider the needs of the local population including local needs, EV infrastructure, demographics, and policy objectives.
To make things simple, here is a complete breakdown of the electric vehicle rebates & incentives that are available according to each state or territory body in 2023.
New South Wales (NSW) EV Rebates & Incentives
What is the EV rebate/incentive in NSW?
- $3,000 EV rebate for eligible purchases of EV vehicles under the value of $68,750
- NSW offers stamp duty exemption on eligible EV purchases
Who is eligible for the EV rebate in NSW?
- NSW residents purchasing an EV under the value of $68,750 are eligible for EV rebates and incentives.
Are there any exclusions?
- EV rebates and subsidies in NSW are only applicable to the first 25,000 BEVs or FCEVs sold that are priced under $68,750.
- Plug-in hybrids (PHEVs) are not eligible for stamp duty exemption in NSW.
- EVs procured under a novated lease for not eligible for the EV rebate in NSW.
Any other points to note?
- From July 1, 2027, all EV owners in NSW will have to pay a road-user charge of 2.5 cents per kilometre.
- Combined, the NSW electric vehicle rebate and stamp duty exemptions are worth up to $5,538 in financial incentives.
- Exemptions for stamp duty are applicable to the first 25,000 eligible vehicles sold in New South Wales.
Victoria EV Rebates & Incentives
How much is the rebate in Victoria?
- $3,000 subsidy is available for eligible EV purchases in Victoria
Who is eligible for the EV rebate in Victoria?
- Owners of new EVs are eligible for the rebate in Victoria.
- Not applicable to used EVs and plug-in-hybrids (PHEVs) are not eligible for the rebate in Victoria.
Are there any exclusions?
- Vehicles priced over $68,740 are not eligible for EV rebates and incentives in Victoria
Any other points to note?
- The subsidy is available for the first 20,000 EV vehicles sold in Victoria
- Subsidies for EVs in Victoria are limited to one per individual person and two per business.
Queensland EV Rebates & Incentives
How much is the QLD EV rebate?
- Up to $6,000 subsidy available to eligible EV purchases in Queensland
Who is eligible for EV rebates in QLD?
- Households earning $180,000 per year or less in gross income can avail a $6,000 rebate, while households earning more than $180,000 per year in gross income can apply for a $3,000 rebate on eligible EV purchases in Queensland.
Are there any exclusions?
- Vehicles priced over $68,000 MSRP are not eligible for EV rebates and incentives in Queensland.
Any other points to note?
- The Queensland EV rebate is limited to 15,000 approvals.
- Rebates for EVs in Queensland are limited to one per individual and five per Queensland business per financial year.
Australian Capital Territory (ACT) EV Rebates & Incentives
How much is the EV rebate in the ACT?
- The scheme offers full stamp duty exemption and free registration for two years for EVs sold in the ACT.
- Interest-free loans of up to $15,000 will be available under the Sustainable Household scheme.
Who is eligible for the rebate in the ACT?
- Owners of new and demonstrator EVs are eligible for EV rebates in the ACT.
Are there any exclusions?
- Used EVs and plug-in-hybrids (PHEVs) are not eligible for EV rebates or incentives under the ACT scheme.
Any other points to note?
- The stamp duty waiver is uncapped. Unlike other states that impose a restriction on the value of EV vehicles that are eligible for rebates and incentives.
- The ACT does not cap the rebates available and offers loans of up to $15,000 under the Sustainable Household scheme for EV vehicle purchases.
Tasmania EV Rebates & Incentives
How much is the EV rebate in Tasmania?
- Tasmania offers stamp duty exemption with no value limit on eligible EVs purchased.
Who is eligible for the rebate?
- Owners of new and demonstrator EVs are eligible for stamp duty exemptions under Tasmania’s EV scheme.
Are there any exclusions?
- Used EVs and plug-in-hybrids (PHEVs) are not eligible for stamp duty exemption in Tasmania.
Any other points to note?
- The stamp duty exemption for EV vehicles in Tasmania applies to both personal and business use.
- Tasmania is unique in not providing a cap on the value of vehicles that are eligible for free stamp duty under the electric vehicle incentive scheme.
Western Australia (WA) EV Rebates & Incentives
How much is the Electric Vehicle rebate in WA?
- $3,500 government rebate for eligible electric vehicle purchases in Western Australia
Who is eligible for EV rebates in WA?
- Residents and businesses in WA purchasing EVs costing $70,000 or less.
Are there any exclusions?
- Vehicles costing more than $70,000 are not eligible for the EV rebate in Western Australia.
Any other points to note?
- Under Western Australia’s EV rebate scheme, vehicles financed through a Novated Lease will also be eligible for the rebate.
Northern Territory (NT) EV Rebates & Incentives
How much is the rebate EV rebate in NT?
- Buyers will receive a $1,500 discount on stamp duty and five years of free registration.
- Grants are available for the installation of EV Chargers, including 100 residential grants of $1,000 and 80 business grants of $2,500.
Who is eligible for the Northern Territory’s EV rebate?
- Buyers of eligible new or used EVs.
Are there any exclusions?
No, however, grants for EV charger installation are capped at 100 residential ($1,000 value) and 80 businesses ($2,500 value).
Any other points to note?
- The Northern Territory stamp duty exemption and free registration for electric vehicles apply to both personal and business use.
Federal EV Rebates & Incentives in Australia
The Labour Government launched Australia’s first ever electric vehicle strategy back in September 2022. The bill was passed by the Federal Parliament which provided a $2,000 discount on the purchase price of full-electric and PHEV vehicles.
How much is the Federal EV rebate?
Buyers can avail of a discount of up to $2000 off the purchase price of eligible battery-electric and plug-in hybrid vehicles (PHEVs).
Who is eligible for the Federal EV rebate in Australia?
- All buyers purchasing battery-electric and plug-in hybrid vehicles are eligible for the rebate.
- This includes individuals, businesses, fleets, and novated leases.
Are there any exclusions?
- The offer for plug-in hybrid vehicles (PHEVs) will expire on April 1, 2025
- PHEVs purchased after April 1, 2025, will not be eligible for the rebate
Any other points to note?
- The Government will apply the exemption retrospectively to eligible cars first used on or after July 1, 2022.
- Under the scheme, Fringe Benefits Tax (FBT) exemptions are also available for fleets and novated leases.
Final Thoughts
The various electric vehicle (EV) rebates and incentives in all Australian states and territories make zero-emission vehicles more appealing than ever in 2023. For help financing or obtaining insurance for your next electric vehicle, contact the finance experts at Credit One. We have years of experience financing vehicles — let us help you finance your car take full advantage of the EV rebates and incentives available to Australians in 2023.
