Uber stole my retirement

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By Leith van Onselen

On 31 October, new laws commenced in the ACT allowing ridesharing services to operate along the lines of a hire car business, meaning they would not be able to pick passengers up from taxi ranks or be hailed on the street. Drivers need to registered and accredited, and they must also pay to undergo police and vehicle safety checks.

Under the reforms, license costs will also be reduced. Taxi vehicles in the ACT currently pay a $20,000 licence fee. However, this fee will be reduced to $5,000 in 2016, whereas the licence fee for ride share drivers will be $100 annually or $400 for five years.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.