The novated leasing landscape has changed with the FBT rate increasing to 20% and contributions becoming post-tax. The product remains popular but relies on favorable tax treatment which could change under future governments. While novated leasing companies have diversified models, they remain at risk from dealer resistance and market changes impacting resale values. However, the future may see aggregation of novated fleets and a shift to usage-based models like car clubs as younger drivers prioritize access over ownership. Telematics and fleet management also promise to disrupt traditional novated leasing.