Licence holders in the regions, as well as those who haven't had enough time to recover the cost of their investment, will be given priority for assistance. Sydney taxi licences were worth around $100,000 in February 2020, down from $220,000 in December 2015. The government says it will provide financial assistance to licence owners affected by the change but did not quantify that compensation. The exceptions will be for customers with a disability or those hailing a cab from Sydney Airport. The maximum fare limit for most rank and hail trips will also be removed. The move should lower prices for consumers by removing the costs associated with the licence and make taxis more affordable compared to ride share options like Uber. Abolishing the cap on the number of taxi licences will mean taxis can operate freely and based on actual demand patterns, the government says.
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