Australian Bank Announces Its BAN Loans For Gas & Diesel Vehicles To Meet ‘Net-Zero’ Climate Goals
EV sales Australia: How many EVs are in Australia?
As of April 2022, there are roughly 30 electric vehicle models available in Australia between manufactures, including 65 total variants, a total of 28 plug-in hybrid electric vehicles (PHEVs), and 37 battery electric vehicles (BEVs, or EVs) according to the carsguide of Australia.
Since 2011, more than 40,000 electric vehicle sales in Australia and according to the Motor Vehicle Census of Australia, There were 20.1 million registered motor vehicles as of January 2021. with the national fleet increasing by 1.7% from 2020 to 2021. Diesel vehicles amazingly increased to 26.4% of the national fleet, up from 20.9% in 2016 and to little surprise, Toyota topped the list of passenger vehicles for the 16th consecutive year with 3.0 million registrations.
So why the somewhat uninteresting information? Well because here's what we are witnessing; 40,000 is 0.199005% of 20.1 Million.
That is correct, check the math, that is not a typo or miscalculation whatsoever.
So when you read the title of this article, what came to your mind first? Was it the amazing EV market must be in such demand that Australians were dodging kangaroo's and wombats in a mad rush to trade away their fossil fuel based vehicles, discarding their Troopy's and 60 Series Land Cruisers in rebuking efforts, inspired to signing for a Rivian R1T or R1S? Or were you thinking more "OMG, are Aussies dodging kangaroo's and wombats in a mad rush to trade away their fossil fuel based vehicles, discarding their Troopy's and 60 Series Land Cruisers for a Rivian R1T or R1S; and can we bring them over to this side of the pond?"
If you were hoping the latter, so were we. The reality is the Bank of Australia just dropped a whopper of an executive decision on your behalf it seems if you live in Australia and that was, and we quote - "An Australian bank will stop approving personal loans for new petrol and diesel-powered cars from 2025 as the federal government flags tough new fuel efficiency standards... in a bid to reduce carbon emissions linked to climate change."
Electric vehicles are seen this year as having a minuscule alleged "1.6 percent" market share even when Tesla sales were included, with starting prices of $47,000 and a lack of charging stations turning off many potential motorists. But the customer-owned Bank Australia has taken upon itself, possibly in a customer fleeing effort to change that, in a bid to reduce carbon emissions linked to climate change.
Chief impact officer, Sasha Courville, told the National Electric Vehicle Summit in Canberra on Friday the bank’s new policy was ‘an important step in decarbonising the Australian economy’. ‘By ceasing car loans for new fossil fuel vehicles, we are sending a signal to the Australian market about the rapid acceleration in the transition from internal combustion to electric vehicles we expect to see in the next few years,’ she said.
SO, the thought is was to change your banking loan policies of what and how you will lend out Australian fiat currency in an assumed positive but defensive stance on single handedly trying to drastically curb the purchases of your customers so far as to telling them what they can or can't spend their hard earned money on?
The thought you are willing to short change any and all patrons of your institution, who may work in Automotive sales? Own or be a mechanic at small business shops? Maybe they work in some industry or job classification that involves the use or need of said fossil fuel based vehicles or contributing to their use in some manner?
The thought that these people and business are going to be able to mentally and fiscally re-gear themselves, staff, business model in order to and again we quote; hit a "Low emissions target to apply to 75% of purchased or leased vehicles by 2025", you want to fast track from the claimed 1.6% to 75% of the amount of registered or sold vehicles in a 2 year window?
Australia has a net zero by 2050 target with now Prime Minister, Anthony Albanese’s Labor government this month securing from the Greens support to legislate a 43 per cent reduction in carbon emissions by 2030. Bank Australia has a net zero by 2035 target.
That being said, apart from Russia, Australia is the only OECD country that does not have, nor are they in the process of developing, fuel efficiency standards, the joint media release from Climate Change and Energy Minister Chris Bowen and Transport Minister Catherine King announced.
Under the Labor’s plan, the goal of low emission targeting would apply to 75 per cent of the Commonwealth government’s car fleet by 2025, with that figure including purchases and leases. This may be the only aspect that we agree with, all State and Federal agency provided vehicles, including you too USPS, should all be swapped in favor of and or retro-fitted with EV/Hybrid options at the very least. We would go as far as to say we also believe that all State and Federal buildings should also be outfitted with the latest and greatest in many low carbon/emissions infrastructure, including that of Solar and small wind options.
‘Up until now, Australian households and businesses have had very little choice regarding low-emissions and fuel-efficient vehicles, and they have been paying for it,’ Mr Bowen said. So the Ministers have also promised, we all know what that means, to have electric vehicle charging stations at average intervals of every 150km on major roads coupled with a national hydrogen highways refuelling network.
To its credit, Ms Courville said Bank Australia would continue to allow for loans on secondhand petrol and diesel cars from 2025, as it banned financing for newer fossil fuel-powered vehicles effectively continuing to support customers who can’t yet access an electric vehicle,’ she said. Politically correct speak for those funneled through the transition process lastly.
EVs in 2022, so far in Australia, have a minuscule market share of just 1.6% as of 2022, and the all-electric SUVs that are available from Tesla, BMW and Audi do cost North of at least six figures, with no utes available at all. Here in North America, Rivian, Ford, and GM seem to have been pushing that dynamic of demographic with taunts from Toyota and its Tacoma and speak of returning the FJ as an EV platform. Surely Nissan will have stopped lying to North America about loading a 2.8L Cummins diesel loaded in its latest Frontier as promised, [see below]. Objectively when working for Nissan I begged and pleaded with engineers on that program to bring that to life. Utter failure ensued at warp 10 with the shields down.
Now in Australia, most newer vehicles sold in Australia are ironically not too far from North America as SUVs, overwhelmingly available with either a petrol or diesel motor. So jealous to be honest here.
Australia’s two best sellers are also utes, or pick-up trucks for those not familiar, with no all-electric model available with the Toyota HiLux and Ford Ranger. The by far volume-selling of dual cab versions of these utes are almost always the 4WD versions favored by more than just those looking for those weekend adventures.
So as one would expect, Climate Change Minister Chris Bowen’s plans to introduce fuel efficiency standards will undoubtedly be a threat to the affordable, albeit arguable, current four-wheel drive in regional areas, where incomes are lower. ‘Mr Bowen has changed the laws on vehicle standards and now we’re going to pay more for four-wheel drives in country areas,’ he stated to ABC Insider.
The Chinese-made MG ZS EV is Australia’s cheapest electric car with prices starting at $46,990 for the Excite model – one of just eight EVs available in Australia for less than $60,000 compared with 26 in the UK.
Further for measurements, the all-electric Audi e-tron starts at $138,323, showing how most all-electric SUVs have price tags in the six figures and other all-electric SUVs cost more than twice as much that.
The coveted Elon Musk, Tesla Model X, starts at $161,990, and that’s before on-road costs. That is significantly more than the top-selling Toyota Land Cruiser, which starts at $96,370, rising to $147,812 for the Sahara model – with all versions sold as a diesel. The much smaller fully-electric BMW ix3, based on the X3 SUV, starts at $114,900 but at least its half the price of the $222,900 BMX ix. By comparison, Australia’s top-selling SUV, the Toyota RAV4, starts at $38,425, with prices for the petrol-electric XSE hybrid version starting at $47,546. [all prices in $AUD]
For the average persons in North America making on average $22,000 to $28,000 a year, that kind of pushes them out of having a vehicle at all if by chance an all out ban on fossil fuel vehicles was put in place. There's a suspicion that Australia is going to brutally become a beta-test for much of the rest of the world on this subject matter on how far the world can be pushed before we say no.
Can you see how easy it is to force change on society's with no democratic mandate, Corporations will decide what is good for you. This is why social credit and digital currencies are so important to them. Bank Australia will stop petrol & diesel vehicle loans. The WEF will have you renting cars keeping inline with the challenged mantra of "You'll own nothing, and you'll be happy". Despite popular belief, this challenges the century's belief of what the ownership of property really means.
I know how that makes us feel considering we believe in a cleaner planet, cleaner energy options, and the pack in-pack out principles but to an extent, we as humans were given FREE WILL, why does it seem like there's always someone trying to coerce or take that away from people?
What do you think about all this transitioning prompted by Corporations? Be a part of the conversation, throw your opinions down below.
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