Fair and equitable compensation for taxi plate owners.

Endre Kovacs – Request to offer the option to taxi license owners to have their perpetual taxi plate licences purchased by ACT Govt. as a buy-back option

Dear Mr Ramsay,

As a self funded pensioner, I have invested my life’s earning into superannuation over the course of 35 years and purchased 3 taxi plates licence for me and my family to live off once I reached retirement. My family is now struggling as we are in retirement phase of life and now our personal circumstances are made worse with drastic drops in taxi leases in September 2017 to $300/week from $420/week. This is a staggering unsustainable drop. I have invested over $700,000 in Canberra perpetual taxi plate/licences and seriously fear its asset value will dissolve as demonstrated over the past 2 years. This is not a level playing field and taxi drivers are now stating they cannot afford to pay more than $300 / week due to the number of uncontrolled commercial ride share vehicles taking business from taxis and flooding Canberra. I have confirmed this with Aerial Capital Groups Operational Manager.

It is I believe unreasonable for the ACT State Government to allow the undervalue of taxi assets to continue through its own actions which has resulted in substantial reductions in value and income to license owners. The argument that these are market forces at work is not acceptable. The current outcome is the result of the ACT Government not taking a holistic regulated planned approach. This I believe is still rectifiable.

I and seek your support to right the wrong and have the ACT Government offer the option to taxi owners to have their taxi plates purchased by ACT Govt, as a buy-back option at taxi plate prices prior to Uber coming into ACT and operating illegally.

Endre Kovacs

Correspondence Reference # 280917 – 1108698

Submission date: 28 Sep 2017 6:00pm


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