Australian government allocates $155m over 6 years for New Vehicle Efficiency Standard (NVES) to reduce emissions by 60% by 2030, introducing caps and a trading scheme.
The Australian government will spend nearly $155 million over six years to implement the New Vehicle Efficiency Standard (NVES), which aims to reduce emissions from new passenger vehicles by more than 60% by 2030. The NVES will introduce caps on total carbon emissions for manufacturers and a trading scheme for offsetting penalties by purchasing carbon credits from other companies. Popular family hybrids like the Toyota Kluger will face the 33% Luxury Car Tax (LCT) after changes to the fuel-efficiency threshold, raising the cost for families.
May 14, 2024
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