Under the Federal Government’s plan, a New Vehicle Efficiency Standard (NVES) is expected to come into effect from 1 January 2025.
The NVES will:
• mean car manufacturers will send their most fuel efficient vehicles to Australia
• provide over $95 billion in fuel savings to Australians by 2050
• reduce enough greenhouse gas emissions equal to the CO2 produced by a small country
• ensure we have access to a wider range of diesel, petrol, hybrid, and electric vehicles for work and leisure.
The NVES will apply to new cars only.
The 2024-25 Budget includes $84.5 million over 5 years to set up the scheme, a regulator, and support credit trading between manufacturers.
