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Economy and jobs to grow if Australia embraces 
electric vehicles: report

28 Mar 2018

The report estimates that if Australia achieves a take up rate in battery electric vehicles similar to that achieved by Norway, the country will see multiple economic benefits on top of the savings in public health, grid stability, energy security, and cost to deliver on pollution and greenhouse gas emission targets.

The report estimates that if Australia achieves a take up rate in battery electric vehicles similar to that achieved by Norway, the country will see multiple economic benefits on top of the savings in public health, grid stability, energy security, and cost to deliver on pollution and greenhouse gas emission targets.

Based on the uptake in Norway, by 2030, three million Australians could be driving electric vehicles and 57 per cent of new cars sold could be electric.

EVC chief executive Behyad Jafari said that continuing to lag on electric vehicles would harm Australia’s economic competitiveness.

“At its core, the transition to electric vehicles is about moving from a system run on imported oil to one powered by electricity we generate at home. There is a direct and obvious benefit to our economy from doing this,” Mr Jafari said.

“By boosting industries based in Australia, we put ourselves in the driver’s seat to create economic growth and jobs that serve the future of the transport industry, not the past. As we do that, we also put money back in the budget of households and businesses across Australia, as electric vehicles cost significantly less to drive and maintain.”

NRMA Chairperson Tim Trumper said that three factors stood in the way of increased EV take-up: the upfront price of vehicles, availability of charging infrastructure, and concerns over battery capacity (aka range).

“More than 89 per cent of motorists want to see charging infrastructure established alongside major roads and in regional towns, and they are looking to government for support,” Mr Trumper said.

“94 percent of motorists would be more likely to undertake a road trip with an EV if they knew a charging network was in place covering regional areas.”

St Baker Energy Innovation Fund founder Trevor St Baker said the fund, which has more than $200 million invested in energy related companies, recognised the opportunity to create local R&D and manufacturing jobs and had invested in EV charger manufacturer Tritium.

“Tritium manufactures the world’s leading ultrafast chargers and currently exports the majority of its products to Europe and the United States,” Mr St Baker said.

“So Australia leads the world in ultrafast charging technology, yet we’re trailing the world in EV adoption. Our economy is going to fall behind. That is why we’re investing in an electric vehicle charging network, Fast Cities. We want to see others investing too.”

PwC Partner Mark Thomson said the analysis showed at a high level that there would be positive economic impact from a high uptake of battery electric vehicles and also identified a range of broader benefits.

Report Highlights

The estimated benefits to be achieved by 2030 if the rate of BEV uptake in Norway is achieved in Australia are:

  • Drivers save $1,700 per annum in ownership costs by 2030 (offsetting higher purchase costs with lower running costs)
  • $3.2 billion cumulative net investment in charging infrastructure from 2018 to 2030
  • Eliminate 16 million barrels of imported oil per annum by 2030
  • Reduce CO2ecumulative emissions by 18 Mt by 2030, equivalent to taking 8 million petrol vehicles off the road

The effect of these benefits is a real increase in GDP by $2.9 billion and increase in net employment of 13,400 jobs.

Report Partners

Electric Vehicle Council of Australia

The EVC is the national body representing the electric vehicle industry in Australia. Representing companies involved in providing, powering and supporting electric vehicles, our mission is to accelerate the electrification of road transport for a sustainable and prosperous Australiahttp://electricvehiclecouncil.com.au/

NRMA

The NRMA is Australia’s largest member organisation, providing a range of products, services and benefits to the community and members. With roadside assistance at our core, we’ve been helping people for more than 90 years. Now, as our world changes, we’re reimagining the way people move – your car, your journey and your destination. https://www.mynrma.com.au/

St Baker Energy Innovation Fund

The St Baker Energy Innovation Fund is an active investor in early-stage companies that are developing disruptive products in the clean energy sector. Investee company Tritium exports fast EV chargers to the USA and Europe from its Brisbane headquarters. Another investee company, Fast Cities, is planning to install public-use chargers across Australia. https://www.stbenergy.com.au/