Taxi driver loses home, livelihood

The West Merrylands resident, one of many who have lost hundreds of thousands of dollars after taking out loans to invest in taxi plates to set themselves up for the future and retirement, says the impact of ride-sharing services and lack of State Government help has “destroyed” his life.
The owner/driver bought a plate in 2007 for $430,000 and two years later, his mother bought one for $360,000 – “but it’s all money down the drain”, he said.
He said he could barely survive with the little money he was making because of the increase in ride-sharing, along with his loan repayments.
“The plates are now worthless,” he said.
“We’ve always worked hard and done the right thing, and almost everything is gone.
“I’ve was working 12-15 hours every day just to get by, but it’s impossible these days.”
While the Government has offered some support, including a $20,000 assistance package and has given taxis exclusive access to rank and hail jobs, State MP for Granville, Julia Finn, says it’s insufficient and ridiculously stingy.
She said many families took out loans to buy the plates and have now been forced into poverty and to refinance their homes after a significant loss of earnings after ride-share services legislated.
“People have come here, started driving cabs and bought a licence in the hope that in retirement they would still be able to lease out the cab and have a source of income,” she said.
“They hoped they would be able to send their kids to university, pay for a house and do better for their families… instead, the Government has ripped that out from underneath them.
“Back then, about 7,000 people were driving passengers around NSW. Now there are 20,000 because there are no barriers to entry anymore.”
State MP for Auburn Lynda Voltz said taxi licence plate holders have been left high and dry by the NSW Government.
“The legislative changes have had a devastating impact for these plate holders, who mortgaged homes and went into debt in order to provide a future for them and their families,” she said.
“I’ve spoken about this in NSW Parliament before and I will again; it’s time the NSW Government came to the table and offered fair compensation.”