QUEENSLAND – This is unbelievable.

Taxi owners must accept it’s a risky business, says Mark Bailey by Michael Wray, The Courier-Mail
TAXI licence owners must accept that the State Government never “guaranteed” their investments in a “private market”, says Transport Minister Mark Bailey.
On the second anniversary of ride-sharing being legalised in Queensland, Mr Bailey said the taxi industry was still learning to adjust to a “totally new era”.
The Minister seemed to close the door on any future payouts or compensation for taxi licence owners, who have lost up to 80 per cent of their licence values in the 4½ years since Uber first appeared illegally on Brisbane streets.
He said the Government had provided $100 million in transitional assistance payments and a hardship fund as well as other incentives to “try and assist the taxi industry” but the owners had to accept the risk attached to their initial investment.
“There’s no doubt it’s been challenging for people who’ve got investments but that is the marketplace that’s operating,” he said.
“We’ve put $100 million in there to try and help people through some of this transition. A lot of industries that go through transitions don’t get that sort of assistance but we certainly can’t, as a government, guarantee people’s private investments.”
He said the Government was currently watching the results of regulation in other jurisdictions such as New York, in the US, where a cap has been introduced on ride-share vehicle numbers.

Related Posts