SYDNEY, March 31, 2026, 08:03 AEDT
Commonwealth Bank of Australia flagged a sharp 161.5% jump in battery electric vehicle loan demand for March, compared to February’s weekly average. Higher fuel prices and jitters over supply seem to be nudging Australians toward EVs. The lender’s car-buying portal inquiries leapt 136% in March, with EV loan page visits up 75%. Applications from businesses for Tesla vehicles soared—up 268% from a year ago. “The surge in interest we’ve seen in March is very significant,” said Tim Burdon, CommBank’s product owner for car buying and lending. 1
Canberra’s decision on Monday to slash the fuel excise in half for three months comes right after Brent crude posted its steepest monthly jump ever. Diesel prices in Australia have pushed past A$3 a litre, petrol hit A$2.50. It’s not just pain at the pump now; that fuel shock is creeping into consumer finances too. 2
For CBA, Australia’s biggest bank, that figure isn’t just academic. In February, the lender posted record first-half cash earnings and claimed a 25.4% share of the country’s home-lending market—positioning it to observe shifts in household behavior up close. 3
Even before the recent fuel crunch, momentum was apparent. Electric vehicles and plug-in hybrids grabbed 13.1% of Australia’s new-car sales in 2025, according to Electric Vehicle Council data, with battery-only EVs breaking past the 100,000 mark for the first time. 4
Trade policy might push the trend further. On March 24, Australia and the European Union wrapped up free trade talks, with Canberra committing to raise the luxury car tax threshold for EU-made EVs to A$120,000. If the deal takes effect, that could make certain European imports a bit cheaper. 5
CBA isn’t out there by itself. On March 27, National Australia Bank reported its EV loans had doubled since early March, while enquiries about EV business finance jumped 88%. Business banking executive Shane Ditcham pointed to companies looking for “cost certainty and resilience” as fuel price volatility kept pressure on budgets. 6
But the momentum might not last. According to the Federal Chamber of Automotive Industries, whether more people buy EVs still comes down to price, whether buyers are ready, and charging infrastructure that works. The Electric Vehicle Council, for its part, has cautioned that cutting incentives for buyers too soon risks slowing growth. 7
CBA was already moving into EVs before the spike in March. Back in late 2024, the Clean Energy Finance Corporation threw A$150 million behind the bank’s EV Access Program. The funding targets essential workers and lower-income Australians, rolling out discounted finance options for selected new and used EVs, plus home charging gear. 8
