Australia Launches Subsidized EV Loans for Essential Workers and Low-Income Earners

The $150 million government scheme offers discounted loans to make electric vehicles more affordable for workers earning under $100,000 annually and essential workers like nurses, police, and teachers.

• The federal government has introduced a $150 million program providing low-interest loans for electric vehicles priced under $55,000, including some Tesla models.
• Eligible participants include Australians earning less than $100,000 annually and essential workers, regardless of income, such as nurses, police officers, and firefighters.
• The loans, offered via Commonwealth Bank, feature interest rates up to 5 percentage points lower than standard rates, potentially saving buyers over $8,000 on a $40,000 loan over seven years.
• The initiative covers both new and used electric vehicles, aiming to reduce upfront cost barriers and encourage broader adoption of low-emission transport options.
• Electric vehicles now account for nearly 10% of new car sales in Australia, with the government also committing $40 million to expand fast-charging infrastructure along major highways.

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