Subaru Australia confirms more EVs, but when?
Subaru has promised to expand its electric vehicle (EV) lineup in Australia with a broader range of battery-powered models, but is yet to confirm which EVs will be released here, or when.
The Japanese brand introduced its first dedicated EV, the Solterra, to local showrooms last year after it was developed as part of a joint venture with Toyota.
The mid-size electric SUV is twinned with the Toyota bZ4X with only minor cosmetic changes. But Subaru Australia sells the Solterra exclusively with a twin-motor configuration to maintain its trademark all-wheel drive layout, while the BZ4X is available with the same dual-motor AWD powertrain, as well as a single-motor front-wheel drive version for a lower price.
Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now.
While the Solterra has received a relatively luke-warm reception from Australian consumers, finding just 68 new homes in 2025 to the end of April (compared to 299 for Toyota), Subaru confirmed to Australian motoring media during a recent presentation for the sixth-generation Forester that it remains committed to EVs locally.
However, it would not provide any additional details on when it plans to launch additional EVs, now what they will be.
"Globally, Subaru Corporation has made it clear their desire is to have eight EVs by 2028," said Subaru Australia general manager Scott Lawrence.
"How each one of these and when each one of these fits into… we're working very close with Subaru Corporation. And we absolutely have a desire to build our EV offerings for Australian consumers."
The next Subaru EV most likely to arrive is the Trailseeker SUV, which was revealed for the first time at the New York motor show in April.
The Trailseeker is a more conventional wagon version of the Solterra that measures 152mm longer overall and 25mm taller, creating additional cargo space in the rear.
While it features a more rugged appearance, it does not have any additional ground clearance compared to the standard Solterra.
It was revealed in New York alongside the first facelift for the Solterra, which brings a more unique and distinctive front-end design, a larger-capacity 74.7kWh battery pack, 14kW more power (up from 160kW to 174kW) from its twin electric motors, and the introduction of a range-topping XT flagship that produces 252kW.
Expect the revised Solterra, and potentially the Trailseeker, to arrive in local showrooms by the end of this year.
Beyond that, Subaru has confirmed it will continue to work alongside Toyota to build its EV portfolio, including a seven-seat large family SUV to rival the likes of the Kia EV9 and Hyundai Ioniq 9.
Toyota has also admitted it will create a dedicated battery-powered ute and compact car as part of its bZ (Beyond Zero) electric car range. But whether these models will be shared with Subaru has yet to be made clear.
MORE: Everything Subaru Solterra
Content originally sourced from: CarExpert.com.au
Subaru has promised to expand its electric vehicle (EV) lineup in Australia with a broader range of battery-powered models, but is yet to confirm which EVs will be released here, or when.
The Japanese brand introduced its first dedicated EV, the Solterra, to local showrooms last year after it was developed as part of a joint venture with Toyota.
The mid-size electric SUV is twinned with the Toyota bZ4X with only minor cosmetic changes. But Subaru Australia sells the Solterra exclusively with a twin-motor configuration to maintain its trademark all-wheel drive layout, while the BZ4X is available with the same dual-motor AWD powertrain, as well as a single-motor front-wheel drive version for a lower price.
Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now.
While the Solterra has received a relatively luke-warm reception from Australian consumers, finding just 68 new homes in 2025 to the end of April (compared to 299 for Toyota), Subaru confirmed to Australian motoring media during a recent presentation for the sixth-generation Forester that it remains committed to EVs locally.
However, it would not provide any additional details on when it plans to launch additional EVs, now what they will be.
"Globally, Subaru Corporation has made it clear their desire is to have eight EVs by 2028," said Subaru Australia general manager Scott Lawrence.
"How each one of these and when each one of these fits into… we're working very close with Subaru Corporation. And we absolutely have a desire to build our EV offerings for Australian consumers."
The next Subaru EV most likely to arrive is the Trailseeker SUV, which was revealed for the first time at the New York motor show in April.
The Trailseeker is a more conventional wagon version of the Solterra that measures 152mm longer overall and 25mm taller, creating additional cargo space in the rear.
While it features a more rugged appearance, it does not have any additional ground clearance compared to the standard Solterra.
It was revealed in New York alongside the first facelift for the Solterra, which brings a more unique and distinctive front-end design, a larger-capacity 74.7kWh battery pack, 14kW more power (up from 160kW to 174kW) from its twin electric motors, and the introduction of a range-topping XT flagship that produces 252kW.
Expect the revised Solterra, and potentially the Trailseeker, to arrive in local showrooms by the end of this year.
Beyond that, Subaru has confirmed it will continue to work alongside Toyota to build its EV portfolio, including a seven-seat large family SUV to rival the likes of the Kia EV9 and Hyundai Ioniq 9.
Toyota has also admitted it will create a dedicated battery-powered ute and compact car as part of its bZ (Beyond Zero) electric car range. But whether these models will be shared with Subaru has yet to be made clear.
MORE: Everything Subaru Solterra
Content originally sourced from: CarExpert.com.au
Subaru has promised to expand its electric vehicle (EV) lineup in Australia with a broader range of battery-powered models, but is yet to confirm which EVs will be released here, or when.
The Japanese brand introduced its first dedicated EV, the Solterra, to local showrooms last year after it was developed as part of a joint venture with Toyota.
The mid-size electric SUV is twinned with the Toyota bZ4X with only minor cosmetic changes. But Subaru Australia sells the Solterra exclusively with a twin-motor configuration to maintain its trademark all-wheel drive layout, while the BZ4X is available with the same dual-motor AWD powertrain, as well as a single-motor front-wheel drive version for a lower price.
Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now.
While the Solterra has received a relatively luke-warm reception from Australian consumers, finding just 68 new homes in 2025 to the end of April (compared to 299 for Toyota), Subaru confirmed to Australian motoring media during a recent presentation for the sixth-generation Forester that it remains committed to EVs locally.
However, it would not provide any additional details on when it plans to launch additional EVs, now what they will be.
"Globally, Subaru Corporation has made it clear their desire is to have eight EVs by 2028," said Subaru Australia general manager Scott Lawrence.
"How each one of these and when each one of these fits into… we're working very close with Subaru Corporation. And we absolutely have a desire to build our EV offerings for Australian consumers."
The next Subaru EV most likely to arrive is the Trailseeker SUV, which was revealed for the first time at the New York motor show in April.
The Trailseeker is a more conventional wagon version of the Solterra that measures 152mm longer overall and 25mm taller, creating additional cargo space in the rear.
While it features a more rugged appearance, it does not have any additional ground clearance compared to the standard Solterra.
It was revealed in New York alongside the first facelift for the Solterra, which brings a more unique and distinctive front-end design, a larger-capacity 74.7kWh battery pack, 14kW more power (up from 160kW to 174kW) from its twin electric motors, and the introduction of a range-topping XT flagship that produces 252kW.
Expect the revised Solterra, and potentially the Trailseeker, to arrive in local showrooms by the end of this year.
Beyond that, Subaru has confirmed it will continue to work alongside Toyota to build its EV portfolio, including a seven-seat large family SUV to rival the likes of the Kia EV9 and Hyundai Ioniq 9.
Toyota has also admitted it will create a dedicated battery-powered ute and compact car as part of its bZ (Beyond Zero) electric car range. But whether these models will be shared with Subaru has yet to be made clear.
MORE: Everything Subaru Solterra
Content originally sourced from: CarExpert.com.au
Subaru has promised to expand its electric vehicle (EV) lineup in Australia with a broader range of battery-powered models, but is yet to confirm which EVs will be released here, or when.
The Japanese brand introduced its first dedicated EV, the Solterra, to local showrooms last year after it was developed as part of a joint venture with Toyota.
The mid-size electric SUV is twinned with the Toyota bZ4X with only minor cosmetic changes. But Subaru Australia sells the Solterra exclusively with a twin-motor configuration to maintain its trademark all-wheel drive layout, while the BZ4X is available with the same dual-motor AWD powertrain, as well as a single-motor front-wheel drive version for a lower price.
Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now.
While the Solterra has received a relatively luke-warm reception from Australian consumers, finding just 68 new homes in 2025 to the end of April (compared to 299 for Toyota), Subaru confirmed to Australian motoring media during a recent presentation for the sixth-generation Forester that it remains committed to EVs locally.
However, it would not provide any additional details on when it plans to launch additional EVs, now what they will be.
"Globally, Subaru Corporation has made it clear their desire is to have eight EVs by 2028," said Subaru Australia general manager Scott Lawrence.
"How each one of these and when each one of these fits into… we're working very close with Subaru Corporation. And we absolutely have a desire to build our EV offerings for Australian consumers."
The next Subaru EV most likely to arrive is the Trailseeker SUV, which was revealed for the first time at the New York motor show in April.
The Trailseeker is a more conventional wagon version of the Solterra that measures 152mm longer overall and 25mm taller, creating additional cargo space in the rear.
While it features a more rugged appearance, it does not have any additional ground clearance compared to the standard Solterra.
It was revealed in New York alongside the first facelift for the Solterra, which brings a more unique and distinctive front-end design, a larger-capacity 74.7kWh battery pack, 14kW more power (up from 160kW to 174kW) from its twin electric motors, and the introduction of a range-topping XT flagship that produces 252kW.
Expect the revised Solterra, and potentially the Trailseeker, to arrive in local showrooms by the end of this year.
Beyond that, Subaru has confirmed it will continue to work alongside Toyota to build its EV portfolio, including a seven-seat large family SUV to rival the likes of the Kia EV9 and Hyundai Ioniq 9.
Toyota has also admitted it will create a dedicated battery-powered ute and compact car as part of its bZ (Beyond Zero) electric car range. But whether these models will be shared with Subaru has yet to be made clear.
MORE: Everything Subaru Solterra
Content originally sourced from: CarExpert.com.au
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RBA hints at more interest rate cuts if tariffs worsen
Minutes from the last Reserve Bank board meeting reveal why they came close to an unusually large cut, as the bank's chief economist outlines how they think Donald Trump's tariffs could hit the domestic economy. The minutes from the bank's May meeting were released on Tuesday, shedding light on its decision to cut the cash rate by 25 basis points to 3.85 per cent. The Reserve Bank considered an even larger reduction of 50 basis points at the meeting, due to uncertainty in global markets. Bank board members said developments in the domestic economy alone, with slowing inflation and weak consumption growth, warranted a 25 basis point cut. Repercussions from tariffs imposed by the US had reinforced the need to cut interest rates. "The rise in global tariffs and increase in policy uncertainty had adversely changed the outlook for growth in Australia's major trading partners," the minutes said. However, a 0.25 per cent cut was agreed upon as being the most appropriate, given there were still risks inflation could kick off again. The board said if global uncertainty weighed heavier than expected, interest rates would need to be cut even more than forecast. "Monetary policy would need to move to an expansionary setting in the event these scenarios materialised," the minutes said. The rates market has forecast the cash rate to drop to 3.1 per cent by the end of the year. However, the central bank said it was not yet time to make a decision on whether a more aggressive approach to cutting interest rates was needed, with board members expressing a preference to "move cautiously and predictably". In a speech to the Economic Society of Australia in Brisbane, RBA chief economist Sarah Hunter outlined some of the bank's thoughts on how Mr Trump's tariffs would impact the domestic economy. She said the bank had identified the key transmission channels that would impact the Australian economy and determine the board's future monetary policy response. Firstly, trade flows would be impacted. That could push down inflation in Australia as countries divert cheap goods from countries with tariff barriers. But a broader disruption to supply chains could also result in prices rising. The tariffs will also weigh on economic growth, as uncertainty causes businesses and to a lesser extent households to delay spending decisions. Much will depend, though, on which direction US authorities go from here. Markets have been supported by their assumption that Trump Always Chickens Out. If the US president lashes out to disprove this theory, markets could be in for a drastic re-pricing, which could further impact households' and businesses' decision-making. How the rest of the world responds will also affect the economic fallout. Governments could provide fiscal support to boost ailing economies, with much hinging on the response of the Chinese administration, given the nation's outsized influence on Australian trade. Central banks, including the RBA, will also have a role to play in dampening the economic shock through easing interest rates. "So how will the current unpredictable and uncertain global environment transmit through to the Australian economy? The short answer is we can't be completely sure," Ms Hunter said. The RBA will continue to monitor all these factors and adjust the assumptions that drive its monetary policy decision-making accordingly, she said. How Australia's economy stacks up against other allies will be revealed when the OECD releases its global economic outlook on Tuesday. The outlook comes a day before the release of data on the domestic economy's performance in the first three months of 2025. Economists tip Wednesday's gross domestic product numbers for the March quarter will show the economy expanded by up to 0.5 per cent. Minutes from the last Reserve Bank board meeting reveal why they came close to an unusually large cut, as the bank's chief economist outlines how they think Donald Trump's tariffs could hit the domestic economy. The minutes from the bank's May meeting were released on Tuesday, shedding light on its decision to cut the cash rate by 25 basis points to 3.85 per cent. The Reserve Bank considered an even larger reduction of 50 basis points at the meeting, due to uncertainty in global markets. Bank board members said developments in the domestic economy alone, with slowing inflation and weak consumption growth, warranted a 25 basis point cut. Repercussions from tariffs imposed by the US had reinforced the need to cut interest rates. "The rise in global tariffs and increase in policy uncertainty had adversely changed the outlook for growth in Australia's major trading partners," the minutes said. However, a 0.25 per cent cut was agreed upon as being the most appropriate, given there were still risks inflation could kick off again. The board said if global uncertainty weighed heavier than expected, interest rates would need to be cut even more than forecast. "Monetary policy would need to move to an expansionary setting in the event these scenarios materialised," the minutes said. The rates market has forecast the cash rate to drop to 3.1 per cent by the end of the year. However, the central bank said it was not yet time to make a decision on whether a more aggressive approach to cutting interest rates was needed, with board members expressing a preference to "move cautiously and predictably". In a speech to the Economic Society of Australia in Brisbane, RBA chief economist Sarah Hunter outlined some of the bank's thoughts on how Mr Trump's tariffs would impact the domestic economy. She said the bank had identified the key transmission channels that would impact the Australian economy and determine the board's future monetary policy response. Firstly, trade flows would be impacted. That could push down inflation in Australia as countries divert cheap goods from countries with tariff barriers. But a broader disruption to supply chains could also result in prices rising. The tariffs will also weigh on economic growth, as uncertainty causes businesses and to a lesser extent households to delay spending decisions. Much will depend, though, on which direction US authorities go from here. Markets have been supported by their assumption that Trump Always Chickens Out. If the US president lashes out to disprove this theory, markets could be in for a drastic re-pricing, which could further impact households' and businesses' decision-making. How the rest of the world responds will also affect the economic fallout. Governments could provide fiscal support to boost ailing economies, with much hinging on the response of the Chinese administration, given the nation's outsized influence on Australian trade. Central banks, including the RBA, will also have a role to play in dampening the economic shock through easing interest rates. "So how will the current unpredictable and uncertain global environment transmit through to the Australian economy? The short answer is we can't be completely sure," Ms Hunter said. The RBA will continue to monitor all these factors and adjust the assumptions that drive its monetary policy decision-making accordingly, she said. How Australia's economy stacks up against other allies will be revealed when the OECD releases its global economic outlook on Tuesday. The outlook comes a day before the release of data on the domestic economy's performance in the first three months of 2025. Economists tip Wednesday's gross domestic product numbers for the March quarter will show the economy expanded by up to 0.5 per cent. Minutes from the last Reserve Bank board meeting reveal why they came close to an unusually large cut, as the bank's chief economist outlines how they think Donald Trump's tariffs could hit the domestic economy. The minutes from the bank's May meeting were released on Tuesday, shedding light on its decision to cut the cash rate by 25 basis points to 3.85 per cent. The Reserve Bank considered an even larger reduction of 50 basis points at the meeting, due to uncertainty in global markets. Bank board members said developments in the domestic economy alone, with slowing inflation and weak consumption growth, warranted a 25 basis point cut. Repercussions from tariffs imposed by the US had reinforced the need to cut interest rates. "The rise in global tariffs and increase in policy uncertainty had adversely changed the outlook for growth in Australia's major trading partners," the minutes said. However, a 0.25 per cent cut was agreed upon as being the most appropriate, given there were still risks inflation could kick off again. The board said if global uncertainty weighed heavier than expected, interest rates would need to be cut even more than forecast. "Monetary policy would need to move to an expansionary setting in the event these scenarios materialised," the minutes said. The rates market has forecast the cash rate to drop to 3.1 per cent by the end of the year. However, the central bank said it was not yet time to make a decision on whether a more aggressive approach to cutting interest rates was needed, with board members expressing a preference to "move cautiously and predictably". In a speech to the Economic Society of Australia in Brisbane, RBA chief economist Sarah Hunter outlined some of the bank's thoughts on how Mr Trump's tariffs would impact the domestic economy. She said the bank had identified the key transmission channels that would impact the Australian economy and determine the board's future monetary policy response. Firstly, trade flows would be impacted. That could push down inflation in Australia as countries divert cheap goods from countries with tariff barriers. But a broader disruption to supply chains could also result in prices rising. The tariffs will also weigh on economic growth, as uncertainty causes businesses and to a lesser extent households to delay spending decisions. Much will depend, though, on which direction US authorities go from here. Markets have been supported by their assumption that Trump Always Chickens Out. If the US president lashes out to disprove this theory, markets could be in for a drastic re-pricing, which could further impact households' and businesses' decision-making. How the rest of the world responds will also affect the economic fallout. Governments could provide fiscal support to boost ailing economies, with much hinging on the response of the Chinese administration, given the nation's outsized influence on Australian trade. Central banks, including the RBA, will also have a role to play in dampening the economic shock through easing interest rates. "So how will the current unpredictable and uncertain global environment transmit through to the Australian economy? The short answer is we can't be completely sure," Ms Hunter said. The RBA will continue to monitor all these factors and adjust the assumptions that drive its monetary policy decision-making accordingly, she said. How Australia's economy stacks up against other allies will be revealed when the OECD releases its global economic outlook on Tuesday. The outlook comes a day before the release of data on the domestic economy's performance in the first three months of 2025. Economists tip Wednesday's gross domestic product numbers for the March quarter will show the economy expanded by up to 0.5 per cent. Minutes from the last Reserve Bank board meeting reveal why they came close to an unusually large cut, as the bank's chief economist outlines how they think Donald Trump's tariffs could hit the domestic economy. The minutes from the bank's May meeting were released on Tuesday, shedding light on its decision to cut the cash rate by 25 basis points to 3.85 per cent. The Reserve Bank considered an even larger reduction of 50 basis points at the meeting, due to uncertainty in global markets. Bank board members said developments in the domestic economy alone, with slowing inflation and weak consumption growth, warranted a 25 basis point cut. Repercussions from tariffs imposed by the US had reinforced the need to cut interest rates. "The rise in global tariffs and increase in policy uncertainty had adversely changed the outlook for growth in Australia's major trading partners," the minutes said. However, a 0.25 per cent cut was agreed upon as being the most appropriate, given there were still risks inflation could kick off again. The board said if global uncertainty weighed heavier than expected, interest rates would need to be cut even more than forecast. "Monetary policy would need to move to an expansionary setting in the event these scenarios materialised," the minutes said. The rates market has forecast the cash rate to drop to 3.1 per cent by the end of the year. However, the central bank said it was not yet time to make a decision on whether a more aggressive approach to cutting interest rates was needed, with board members expressing a preference to "move cautiously and predictably". In a speech to the Economic Society of Australia in Brisbane, RBA chief economist Sarah Hunter outlined some of the bank's thoughts on how Mr Trump's tariffs would impact the domestic economy. She said the bank had identified the key transmission channels that would impact the Australian economy and determine the board's future monetary policy response. Firstly, trade flows would be impacted. That could push down inflation in Australia as countries divert cheap goods from countries with tariff barriers. But a broader disruption to supply chains could also result in prices rising. The tariffs will also weigh on economic growth, as uncertainty causes businesses and to a lesser extent households to delay spending decisions. Much will depend, though, on which direction US authorities go from here. Markets have been supported by their assumption that Trump Always Chickens Out. If the US president lashes out to disprove this theory, markets could be in for a drastic re-pricing, which could further impact households' and businesses' decision-making. How the rest of the world responds will also affect the economic fallout. Governments could provide fiscal support to boost ailing economies, with much hinging on the response of the Chinese administration, given the nation's outsized influence on Australian trade. Central banks, including the RBA, will also have a role to play in dampening the economic shock through easing interest rates. "So how will the current unpredictable and uncertain global environment transmit through to the Australian economy? The short answer is we can't be completely sure," Ms Hunter said. The RBA will continue to monitor all these factors and adjust the assumptions that drive its monetary policy decision-making accordingly, she said. How Australia's economy stacks up against other allies will be revealed when the OECD releases its global economic outlook on Tuesday. The outlook comes a day before the release of data on the domestic economy's performance in the first three months of 2025. Economists tip Wednesday's gross domestic product numbers for the March quarter will show the economy expanded by up to 0.5 per cent.
The Advertiser
an hour ago
- The Advertiser
Hammer falls on crypto ATMs over scams, laundering
Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering. Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims. Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet. Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said. "The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said. Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70. "It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity." The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million. While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported. "Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said. "This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed." Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years. Around $275 million was moved through crypto ATMs nationally in 2024. AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said. "But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said. "The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity." While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said. Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering. Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims. Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet. Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said. "The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said. Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70. "It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity." The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million. While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported. "Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said. "This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed." Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years. Around $275 million was moved through crypto ATMs nationally in 2024. AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said. "But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said. "The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity." While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said. Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering. Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims. Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet. Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said. "The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said. Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70. "It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity." The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million. While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported. "Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said. "This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed." Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years. Around $275 million was moved through crypto ATMs nationally in 2024. AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said. "But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said. "The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity." While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said. Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering. Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims. Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet. Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said. "The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said. Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70. "It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity." The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million. While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported. "Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said. "This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed." Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years. Around $275 million was moved through crypto ATMs nationally in 2024. AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said. "But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said. "The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity." While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said.
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Credit rating downgrade cost unknown for debt-hit state
Treasury boffins have not considered the fallout of another credit rating downgrade on paying down ballooning state debt. As parliamentary hearings into the Victorian state budget got underway on Tuesday, Department of Treasury and Finance secretary Chris Barrett admitted the threat of a credit rating downgrade was not modelled. The department has only assessed the budgetary impact of a 100 basis points rise in interest rates. Credit rating downgrades make it more expensive for governments to service debt, leaving less money to spend on critical services and infrastructure such as hospitals, roads and schools. Victoria's net debt is forecast to reach $194 billion by mid-2029, sending interest repayments soaring close to $29 million a day. S&P Global Ratings downgraded Victoria's credit rating two notches in 2020 from AAA to AA, the lowest of any Australian state or territory. Fellow ratings agency Moody's followed suit, stripping the state of its AAA status in February 2021 and downgrading it from AA1 to AA2 in 2022. Treasurer Jaclyn Symes is travelling to the US to meet with ratings agencies, including representatives from Moody's on Friday. Moody's post-budget report said Victoria's economic outlook remains positive, with the improving economic backdrop expected to ease risks from high and rising debt. But it warned Victoria wasn't completely out of the woods for a credit ratings downgrade. "Global economic uncertainties and geopolitical tensions pose risks to the fiscal outlook," the report said. "Should the risks materialise, or reform momentum weakens, or both, the potential for higher-than-expected debt and interest burdens would further weigh on Victoria's credit profile." Ms Symes also defended the use of treasurer's advances for major project milestones and sparred with Nationals MP Jade Benham over the government's controversial emergency services levy. All Victorian farmers will be spared from paying the increased tax on their land for 2025/26 after the entire state was declared drought-affected on Friday. The one year reprieve, along with carve-outs for Country Fire Authority and State Emergency Service volunteers and life members, means the expanded levy is expected to raise $73 million less than expected. But the treasurer remained adamant it won't compromise the Allan Labor government's funding commitments for emergency services. Treasury boffins have not considered the fallout of another credit rating downgrade on paying down ballooning state debt. As parliamentary hearings into the Victorian state budget got underway on Tuesday, Department of Treasury and Finance secretary Chris Barrett admitted the threat of a credit rating downgrade was not modelled. The department has only assessed the budgetary impact of a 100 basis points rise in interest rates. Credit rating downgrades make it more expensive for governments to service debt, leaving less money to spend on critical services and infrastructure such as hospitals, roads and schools. Victoria's net debt is forecast to reach $194 billion by mid-2029, sending interest repayments soaring close to $29 million a day. S&P Global Ratings downgraded Victoria's credit rating two notches in 2020 from AAA to AA, the lowest of any Australian state or territory. Fellow ratings agency Moody's followed suit, stripping the state of its AAA status in February 2021 and downgrading it from AA1 to AA2 in 2022. Treasurer Jaclyn Symes is travelling to the US to meet with ratings agencies, including representatives from Moody's on Friday. Moody's post-budget report said Victoria's economic outlook remains positive, with the improving economic backdrop expected to ease risks from high and rising debt. But it warned Victoria wasn't completely out of the woods for a credit ratings downgrade. "Global economic uncertainties and geopolitical tensions pose risks to the fiscal outlook," the report said. "Should the risks materialise, or reform momentum weakens, or both, the potential for higher-than-expected debt and interest burdens would further weigh on Victoria's credit profile." Ms Symes also defended the use of treasurer's advances for major project milestones and sparred with Nationals MP Jade Benham over the government's controversial emergency services levy. All Victorian farmers will be spared from paying the increased tax on their land for 2025/26 after the entire state was declared drought-affected on Friday. The one year reprieve, along with carve-outs for Country Fire Authority and State Emergency Service volunteers and life members, means the expanded levy is expected to raise $73 million less than expected. But the treasurer remained adamant it won't compromise the Allan Labor government's funding commitments for emergency services. Treasury boffins have not considered the fallout of another credit rating downgrade on paying down ballooning state debt. As parliamentary hearings into the Victorian state budget got underway on Tuesday, Department of Treasury and Finance secretary Chris Barrett admitted the threat of a credit rating downgrade was not modelled. The department has only assessed the budgetary impact of a 100 basis points rise in interest rates. Credit rating downgrades make it more expensive for governments to service debt, leaving less money to spend on critical services and infrastructure such as hospitals, roads and schools. Victoria's net debt is forecast to reach $194 billion by mid-2029, sending interest repayments soaring close to $29 million a day. S&P Global Ratings downgraded Victoria's credit rating two notches in 2020 from AAA to AA, the lowest of any Australian state or territory. Fellow ratings agency Moody's followed suit, stripping the state of its AAA status in February 2021 and downgrading it from AA1 to AA2 in 2022. Treasurer Jaclyn Symes is travelling to the US to meet with ratings agencies, including representatives from Moody's on Friday. Moody's post-budget report said Victoria's economic outlook remains positive, with the improving economic backdrop expected to ease risks from high and rising debt. But it warned Victoria wasn't completely out of the woods for a credit ratings downgrade. "Global economic uncertainties and geopolitical tensions pose risks to the fiscal outlook," the report said. "Should the risks materialise, or reform momentum weakens, or both, the potential for higher-than-expected debt and interest burdens would further weigh on Victoria's credit profile." Ms Symes also defended the use of treasurer's advances for major project milestones and sparred with Nationals MP Jade Benham over the government's controversial emergency services levy. All Victorian farmers will be spared from paying the increased tax on their land for 2025/26 after the entire state was declared drought-affected on Friday. The one year reprieve, along with carve-outs for Country Fire Authority and State Emergency Service volunteers and life members, means the expanded levy is expected to raise $73 million less than expected. But the treasurer remained adamant it won't compromise the Allan Labor government's funding commitments for emergency services. Treasury boffins have not considered the fallout of another credit rating downgrade on paying down ballooning state debt. As parliamentary hearings into the Victorian state budget got underway on Tuesday, Department of Treasury and Finance secretary Chris Barrett admitted the threat of a credit rating downgrade was not modelled. The department has only assessed the budgetary impact of a 100 basis points rise in interest rates. Credit rating downgrades make it more expensive for governments to service debt, leaving less money to spend on critical services and infrastructure such as hospitals, roads and schools. Victoria's net debt is forecast to reach $194 billion by mid-2029, sending interest repayments soaring close to $29 million a day. S&P Global Ratings downgraded Victoria's credit rating two notches in 2020 from AAA to AA, the lowest of any Australian state or territory. Fellow ratings agency Moody's followed suit, stripping the state of its AAA status in February 2021 and downgrading it from AA1 to AA2 in 2022. Treasurer Jaclyn Symes is travelling to the US to meet with ratings agencies, including representatives from Moody's on Friday. Moody's post-budget report said Victoria's economic outlook remains positive, with the improving economic backdrop expected to ease risks from high and rising debt. But it warned Victoria wasn't completely out of the woods for a credit ratings downgrade. "Global economic uncertainties and geopolitical tensions pose risks to the fiscal outlook," the report said. "Should the risks materialise, or reform momentum weakens, or both, the potential for higher-than-expected debt and interest burdens would further weigh on Victoria's credit profile." Ms Symes also defended the use of treasurer's advances for major project milestones and sparred with Nationals MP Jade Benham over the government's controversial emergency services levy. All Victorian farmers will be spared from paying the increased tax on their land for 2025/26 after the entire state was declared drought-affected on Friday. The one year reprieve, along with carve-outs for Country Fire Authority and State Emergency Service volunteers and life members, means the expanded levy is expected to raise $73 million less than expected. But the treasurer remained adamant it won't compromise the Allan Labor government's funding commitments for emergency services.
