Minister for Transport and Infrastructure Andrew Constance today introduced legislation to overhaul outdated transport regulations for taxis, hire cars and rideshare services.

“Since we opened up the market to new services last year, consumers have had more choice, more competition for their business and experienced downward pressure on fares,” Mr Constance said.

“We’ve removed outdated and prescriptive regulation that was holding industry back, and today is the next phase of reform, the creation of a new regulator for taxis, hire cars and rideshare services, named the NSW Point to Point Transport Commission.”

Mr Constance said the point to point industry needed a modern and agile regulator to make sure everyone plays by the rules.

“It’s clear that new technologies and business models have opened the door to different services like rideshare, and customers have welcomed the increase in choice.

Mr Constance said the new laws place more safety responsibility on the companies who facilitate point to point services.

“We will mandate that if you want to provide a point to point service in NSW, you need to have a company presence based here, and will have an obligation to ensure that  services are safe.

“The new regulator will have strong investigatory powers to look into any point to point service, and if it’s found that the company failed to undertake the required checks of drivers, or inspections of vehicles they face significant penalties.”

The legislation also proposes the $250 million industry adjustment assistance fund including:

• $98 million for transition assistance of $20,000 per perpetual licence, for up to two licences, for taxi licensees who obtained a licence before 1 July 2015, to help them adjust to a more competitive market,
• $142 million for taxi licensees facing hardship as a result of the changes,
• Up to $10 million for a buy-back scheme for perpetual hire car licensees.