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The Australian Finance Industry Association (AFIA) has reported a 48% year-on-year increase in electric vehicle (EV) financing for February 2026, highlighting a robust demand for EVs despite a general downturn in the motor finance market.
While the overall value of new vehicles financed declined by nearly 3% compared to the previous year, EV financing experienced substantial growth. This trend suggests that Australian consumers are increasingly prioritizing sustainable transportation options, even in the face of economic challenges.
AFIA CEO Diane Tate attributed this surge to factors such as the Fringe Benefits Tax (FBT) exemption for EVs, rising fuel prices, and improved vehicle supply. However, she noted that EVs still constitute only 16% of all vehicles financed in Australia over the past year, indicating significant potential for further growth.
Conversely, financing for hybrid vehicles has declined, with a 42% drop in February 2026 compared to the same month in 2025. This decrease follows the removal of the FBT exemption for plug-in hybrid vehicles in March 2025, suggesting that government incentives play a crucial role in consumer adoption of alternative fuel vehicles.
The AFIA's findings underscore the importance of supportive policies and infrastructure development to sustain and accelerate the transition to electric mobility in Australia.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
The Reserve Bank of Australia (RBA) has announced an increase in the national cash rate by 0.25 percentage points, bringing it to 4.35%. This marks the third consecutive rate rise this year, returning interest rates to levels last seen in February 2025 before the RBA's rate-cutting cycle began. - read more
Recent analyses indicate that the expansion of the Home Guarantee Scheme, introduced in October 2025, may be inadvertently contributing to rising prices in the lower segment of the housing market. The scheme, designed to assist first-time buyers by allowing them to purchase homes with a minimal deposit, has significantly increased demand for entry-level properties. - read more
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