Victoria’s taxi license plates buy-back package inherently unfair, says Goldy Brar

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Melbourne – Taking a dig at the latest Taxi reform announcement made by Victorian Govt, Melbourne entrepreneur Goldy Brar has expressed his anger labelling it as unfair and poor decision.

Goldy BrarHe said that taxi license owners have been mostly kept in the dark about taxi industry reform in Victoria. As late as August 19, taxi operators in Melbourne had no idea what would be in the reform package announced yesterday.

Victoria’s buy-back scheme will provide for a maximum of two licences with $100k offered for the first licence and $50,000 for the second licence.

Melbourne alone is serviced by more than 4,000 taxi licences, once valued at up to $500,000 each, and that means significant investment value has been destroyed.

Had state governments transitioned the taxi industry appropriately, then licence owners could have had adequate time to prepare. It is not their fault that state governments were slow to act.

I have many friends who invested nearly $500k and have spent all their life in Taxi industry, this meagre compensation is inherently unfair, says Goldy Brar.

Most licence holders are mum and dad investors who have purchased taxi licence plates either to operate a taxi business in their local community or to establish some retirement savings. 

The compensation package outlined by the minister is quite inadequate

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