From www.carexpert.com.au: The FBT exemption for electric vehicles (EVs) and plug-in hybrids (PHEVs) has resulted in a tax revenue loss of approximately $564 million annually, significantly exceeding the original forecast of $55 million.

Following its introduction in July 2022, EV sales increased from 1.8% to 7.4% of new car sales, while PHEV sales rose from less than 1.0% to nearly 2.0%.

The FBT exemption for PHEVs will expire on April 1, 2025, but the exemption for EVs will remain in place.