>high income earners like Australia has done re novated leases on EVs being exempt from fringe benefits tax.

UK did somethin like that with ZEV Mandate. Salary Sacrifice, almost zero BiK, 100% tax writeoff, no road and luxury tax. All this resulted in flooding the market by luxury 100K pound German EVs, which all ended up on second hand marked 2-3 years later when leases ended breaking depreciation records.

Harry Metcalfe video about this scheme from 2024 https://www.youtube.com/watch?v=DwUDR8WTTKQ