Taxi drivers will get $100,000 per licence in assistance deal
Cabinet ministers have struck an staggering deal to increase the compensation paid to taxi licence holders for the impact Uber has had on the industry.
NSW
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Taxi licence holders will get $500 million in extra assistance payments in compensation for the impact of rideshare companies like Uber on the industry.
The compensation package will pay out $100,000 per metropolitan Sydney taxi licence and $130,000 per licence outside of Sydney, and be paid for by extending a $1 government surcharge on taxi and rideshare trips by two years, until 2029.
Sydney licence holders will get compensation for up to six licences, but owners outside of Sydney will have no cap on the number of licences they are compensated for.
The extra funds are expected to be paid out next year after legislation to remove supply restrictions on taxi licences passes parliament.
The announcement comes after a deal was struck between Premier Dominic Perrottet, Treasurer Matt Kean, and Transport Minister David Elliott.
The final assistance package is worth about half of a proposal Mr Elliott had been preparing before the June budget.
It will increase compensation payments by $80,000 from the $20,000 originally proposed by former Transport Minister Andrew Constance.
“This will create a level playing field across the sector, freeing the taxi industry to better compete, while driving improved and more innovative services for customers,” Mr Kean said.
Mr Elliott described the announcement as a “win” for licence holders.
“I told the taxi industry that the NSW Government has their back and today is proof of that,” Mr Elliott said.
“Members of the taxi industry have suffered greatly over the past several years, financially and emotionally.
“I am pleased to see today that we have acted to support them by offering financial assistance which surpasses the package proposed to the industry in September last year,” he said.
The package will form part of legislation to totally deregulate the point-to-point transport industry.
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