The 2023-24 Australian Federal Budget allocates funding to EV infrastructure, research, and development, indicating which is a positive step forward for the EV industry.
The Australian Federal Budget for 2023-24 has recently been released, and it seems that EV enthusiasts have something to be excited about. The government has allocated significant funding towards EV infrastructure, research, and development, indicating a positive step forward for the EV industry.
The government has set aside AUD20.9m ($16.1m) over five years for various initiatives, including the development of:
- a net-zero transport infrastructure roadmap
- fuel efficiency standards
- national charging infrastructure mapping tool.
The funding also includes safety guidance and training for emergency workers, research into retrofitting multi-residential buildings with EV charging infrastructure, and a potential large-format battery recycling, reuse and stewardship initiative.
In addition to this, the government has directed funds towards the Powering Australia Industry Growth Centre, tasked with developing advanced technology and skills as part of the Australian Made Battery Plan.
The plan aims to bolster Australia's battery manufacturing capability, creating jobs, contributing to economic growth, and diversifying geographically concentrated global battery supply chains.
These investments towards EV infrastructure and technology demonstrate the government's commitment to greener energy and the transition to a net-zero economy. With more people considering the switch to EVs, these initiatives will not only help to increase the availability of charging infrastructure but also encourage the uptake of EVs across the country.
“This year’s Federal Budget represents a historic step forward for EVs in Australia,” says Will Wise, Vyro CEO. “We look forward to the government’s plans for EV infrastructure, research and development.”
EVs have already proven to be more environmentally friendly and cost-effective than traditional petrol and diesel vehicles.
With the government's support and investment towards EV infrastructure and technology, it is only a matter of time before EVs become the norm on Australian roads.
In conclusion, the 2023-24 Australian Federal Budget is a significant step forward for the EV industry. With funding allocated towards EV infrastructure, research, and development, Australia is on its way to becoming a leader in greener energy and the transition to a net-zero economy. These initiatives will not only benefit the environment but also provide a cost-effective and efficient alternative to traditional petrol and diesel vehicles.
Learn more about the Australian Government’s current incentives for buying an EV .