How Uber’s arrival cost has cost Queensland taxi driver of 40 years his plans for retirement

FOR 40 years this Brisbane taxi driver has plied his trade, working 70-hour weeks. But now he’s on the road to retirement he says Uber has destroyed his plans, at a cost equivalent to $1.5 million.

Brian Smith has invested his entire life savings into 3 cab licences only do see them plummet in value since Uber’s legalisation. Picture: Renae Droop

For many, last week’s legalisation of Uber was a long time coming. But for Rochedale South’s Brian Smith, it meant a lifetime of hard work drove off into the sunset.

In the two years since Uber’s arrival, the former taxi driver’s future changed from a stress-free retirement to financial nightmare as he witnessed his life savings evaporate.

Mr Smith bought three taxi licences that he hoped would one day fund his retirement.

He remortgaged his house several times to pay off the investments, which he claims were worth $1.5 million in 2013.

Now the licences have become unsellable and the 69-year-old says his life “is just fading away”.

“After working 40 plus years, 70-hour weeks, I will be losing everything and I have done nothing wrong,” Mr Smith said.

“It is very hard to sleep at night as it’s my superannuation and children’s inheritance.”

Mr Smith gets a monthly income via leasing the licences to Yellow Cabs, but rental prices have plummeted with the 69-year-old anticipating to make $2600 less per month by Christmas.

Taxi Council Queensland chief executive Benjamin Wash said he feared the worst for those in situations similar to Mr Smith.

“Unfortunately many of these self-funded retirees will become a burden on the aged pension scheme,” Mr Wash said.

State Labor MP for Springwood Mick de Brenni said the impact of Uber was the result of a changing world.

“The independent review has outlined the way forward to ensure there is greater fairness,” he said.

An Uber spokesman said taxis still had exclusive access to rank and hail, giving them sole access to 70 per cent of fares.

“Taxis will continue to retain the lion’s share of the market,” he said.