Australia Bank will stop petrol and diesel car loans from 2025

AUG 19, 2022

Customers-owned Bank Australia will stop petrol and diesel car loans starting in 2025.

Chief Impact Officer Sasha Courville said this was to help decarbonise the economy.

Ministers from the Federal government Chris Bowen, Catherine King have made public announcements of new EV policies.

A Australian bank will not be approval of personal loans for automobiles powered by diesel or petrol starting in 2025.

As the federal government announces strict new standards for fuel efficiency.

Electric vehicles this year hold only 1.6 percent market share, even if Tesla sales were counted at a starting price of $47,000 .

The bank owned by customers Bank Australia wants to change the way it operates in order to cut carbon emissions due by climate change.

Bank's chief executive officer Sasha Courville told National Electric Vehicle Summit in Canberra on Friday that the Bank's policy change 

Energy Minister Chris Bowen and Transport Minister Catherine King jointly announced that new standards for fuel efficiency would be implemented as part of the National Electric Vehicle Strategy.

In addition to Russia, Australia is the only OECD country that does not have or currently formulating, standards for fuel efficiency in their joint press release stated.