The international rideshare giant has agreed to the payout to compensate Australian taxi and hire car drivers, operators and licence holders for losing income and licence values when it moved into the Australian market.
Regulatory capture, the taxi’s had lobbied for a permit system, where only a set number of licenses were handed out for taxi vehicles. Uber came into the market and side-stepped the whole thing by saying ‘lol we’re not technically a taxi so we can have as many vehicles as we want’. This is payment for lost profits/damages from the taxi companies little legal scam falling out from under them.
It’s entirely bullshit, but that’s the reasoning for it all.
Regulatory capture, the taxi’s had lobbied for a permit system, where only a set number of licenses were handed out for taxi vehicles. Uber came into the market and side-stepped the whole thing by saying ‘lol we’re not technically a taxi so we can have as many vehicles as we want’. This is payment for lost profits/damages from the taxi companies little legal scam falling out from under them.
It’s entirely bullshit, but that’s the reasoning for it all.
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As you should be:-). It is possible for both sides of a conflict to be in the wrong:-P.