looks like sensible reform. I hope other states follow suit.

This is quite interesting, makes me wonder if the Victorian taxi industry didn't make a big enough contribution to the right political parasites. Whatever, following close on the heels of the Cabcharge business, it will undoubtedly result in more than a little lost sleep on the part of certain 'interesting' individuals who hitherto believed they had a gubmunt blessed licence to print money. Dunno what opportunities exist for a legal challenge but I bet there are a few very expensive legal brains running right now. If / when this flows onto other states (probably inevitable), there simply has to be a massive upheaval in one of the most corrupt industries in Australia. Even if fares don't decrease, hitherto criminally woeful driver renumeration should increase significantly, maybe even to the point where persons who speak some vague approximation of english see the game as halfway viable.

Are you people kidding me!
I bought taxi licenses much the same as everyone purchases real estate or anything else to build a portfolio, and a nest egg for retirement....you make me sick, I paid for my license and no government has the right to put their hand in my pocket, and take what they want...who is really the winner here, hmmmmmm let me see could it be revenue raising given the vic govt morons actually leased licenses for 10 years at 180k each paid up front. Allow me to also ask who will drive these taxis will it be more foreign students, so much for customer first, and how are these drivers going to make a living if they double the taxis on the road. How many of you need taxis on a week night? Yes there will be a class action because I have paid my taxes like every other normal person and I invested in an industry that should see my investment grow and allow me to retire but alas I wasn't aware I went to bed with the vic govt each night along with my husband. Which industry is next could it real estate, as there are many homeless unfortunately therefore the property that is currently being rented at $450 should in fact only be rented for $50 so everyone has a roof over their heads....same principle!

Crapola

Actually, your license was a way of you putting your hand in passengers’ pockets and taking what you want. Why should people have to pay more for taxi fares to support your retirement?

You ask how drivers are going to make a living. The answer is, by providing services people want at fares they are prepared to pay, same as any other business, and same as most taxi services around the world.

Is there anything in your contract that suggests the government undertook to preserve the value of your investment? If so, you might have a case against the government for acting in bad faith.

Crapola

I concede the decision is disastrous for licence 'owners', however the companies who have hitherto profiteered by buying licences & flogging them off at exorbitant profits which will be the hardest hit. Nobody will shed a tear for those parasites, indeed there will be more than a bit of dancing on their graves. Ultimately drivers who have long endured the lowest renumeration & easily the worst working conditions in the country will benefit, and not before time. I'm not up to speed with the Victorian situation, but Brisbane drivers are lucky to take home $10 per hour after a 12 hour day. Furthermore they pay GST from the first dollar earned, often pay half the fuel, contribution to car insurance, and after that they don't get as much as red cent for holiday pay, sick leave, long service leave, superannuation, or any of the other benefits expected by every other worker. The utterly ridiculous $500,000 licence value simply had to go, if only because more than 50% of fares has traditionally been devoted to funding it.

Honestly Rhian you have no idea what you're are talking about. My husband owns one license which he works, and putting our hand in others' pockets is pathetic to say the least. Why is it your investment property rented at $450 per week and not $50 per week, are you also a parasite, or is it in business.
Fares are governed by the VTD not the individual and regulated, and in Melb a taxi that works peak times makes a great living with very few skills. Just to further clarify the majority of taxi licenses are in fact owned by mum and dad investors like ourselves...we are not parasites but hard working individuals, who have paid taxes our entire life and should have the option of investing without fear or foe, however your narrow mindedness is concerning. It's very easy to pass judgement when you are not in the industry, again allow me to elaborate. There are approximately 10,000 people that converge on the city each Friday and Saturday night, yet there are only 3,000 odd taxis, it is physically impossible to move all these people in a 3 hour timeframe, why doesn't the government allow public transport to run later? These same taxis however struggle to make a living the rest of the week. And yes we chose to invest in this industry as it is the industry my husband worked within and had an understanding of. Before you pass comment I am a professional and have worked only in the corporate sector, therefore my knowledge was limited in the industry until my husband became involved. It is high time you all see the bigger picture here, many more people having to go on the age pension, I personally know of one person who will lose his home and he has a family. People have threatened to commit suicide on the steps of parliament, therefore there is much more involved than you know, families will suffer, hard working honest tax paying families, so before you make blasé comments think of the ramifications to mum and dad investors like ourselves.