Below is just some of the feedback collected from a detailed survey involving taxi owners outlining their financial and emotion pain caused by the ACT Labor Government.

financial and emotional stress

They have had an unacceptable impact upon my financial abilities to support myself.

How could ever have been so stupid enough to trust ACT Government. I feel so shameful and so stupid for putting my hard owned money into government secured investment.

Financial loss for retirement

Huge financial and emotional stress due to decrease/decline in both lease fees and an investment. Only source of income.

Borrowed great sum of money from family members and friends to purchase the plate.

My second income investment/retirement is gone I owe money to the bank. I am struggling financially. My retirement investment is worth nothing.

financial stress not to mention the emotional stress

terrible financial stress & emotional stress

The ACT Government policies in recent years have made the Taxi Industry incomes and plate values diminish. I am concerned that eventually my plate will become worthless. It is my Superannuation. I am under emotional and financial stress over this matter that is a direct result of the ACT Government

We were expecting to generate some income from this plate investment rental to help with our kids university educations when they finish college. And also we expect to work less hours when we get older and we live on our plate rental income.

Now that our investment/superannuation value has dropped and has no market to sell, we are extremely stressed and worried about the prospect of our kid’s educations and our retirement finances.

The decrease in the lease over the years has impacted my financial situation, I am unable to pay or reduce the loan. I have bought the taxi plate as an investment for my future retirement and for my kid’s education. Due to the government decision the value of my plate is worthless. There are no buyers for my taxi plate at the moment.

I bought the taxi plate 14 years ago for $281000, still owing $120,000 for my loan. The rental drop has affected my mortgage payment.

My plans for retirement and my kid’s future education have been ruined by the government changes.

Stressâ€¦ stress and more stress

I have a young family and I am stressed

It has impacted my marriage and home life in general

The taxi fee forms part of my retirement income and I am struggling to support myself and spouse in our retirement

The Govt’s changes have stripped me of my rights to carry on a legitimate small business.

The loss of income restricts me being able to afford dental care, restricts my visit to medical services.

I havent been able to plan visits to family inter/intrastate let alone holiday.

Family visiting is restricted by the extra costs I incur along with the embarrassment of being a failure.

I cant pay for home insurance,health insurance has been cancelled.

We are now restricted in using our car only for necessities or emergency due to the expense of running a vehicle.

We have to watch every dollar that we can spend as we never know when our income is gong to cease.

I cant access the pension as Centrelink refuses to accept that the plate is worthless and they include it in my asset list as $250,000

Our investment is being sabotaged by the government changes,our living standards is being reduce by lower lease income.

Taxi fees form part of my retirement income for myself and spouse

The reduction in lease fees is placing stress on our day to day living

I will have to sell my house.

Big impact of my mental health.

I have invested ALL my Superannuation in the purchase of the ACT Taxi Plates, my first purchase was in 2007. Currently the worth of my taxi plates has dropped to nothing. I strongly believe that the ACT Government needs to take total control of the taxi plates and compensate the owners in a government buyback. The taxi Plates were bought in good faith as an investment for my senior years for example associated costs regarding independence, not putting a financial burden on the Government for age pension, nursing homes, home care and home maintenance, etc. The Government needs to understand the distress, depression and anxiety regarding the situation with the ride sharing legislation on the value of my investment which I have worked over 30 years to accomplish. I have never received any handouts or financial assistant from the government.

To put it in clear words, the plates are my investment by working and paying my taxes.

I had a loan of $278 000 for an asset that was government issued and had a stable annual return.

I now have a loan of $278 000 for an asset that isn’t worth half that and for a return that is not stable, where any minute now I’ll hear that as a result of government intervention and illegal ride share operators I’ll have a loan of $278 000, with no asset and no return. Just debt with nothing to show for it, from a government issued asset!

If this plate lease is not renewed , XXXXXXXXXXXXXXXXx will have no alternative but to seek assistance from Centrelink as this is a Superannuation investment as Self-funded retiree

My Taxi plate is my life’s savings, I sold my house to purchase the taxi plate. I operated the taxi full time until my retirement.

The lease income from the plate is my only source of income, it’s my superannuation.

I trusted the government to be fair-minded with perpetual plate owners.

TX XX plate has not been re-leased as of 25/10/2018. The lessee did not want to renew at $300 pw. The impact this is now having is income is less $1500 approx. per month.

It has totally ruined my retirement plans.

I had a major illness and treatment followed that and because I have a very large debt due to the taxi plate I had no choice but to go back into the work force and I also have a special needs child

Loss in income seriously affecting my living standard caused by financial and emotional stress.

This is my income to survive day by day and pay for all living expenses. I am not old enough to get pension

major impact with difficulties coping due to the financial stress knowing my plate is now worthless.

If the present government policy is adhered to our lease fee will be reduced to just $5,000 per annum.

Loss of taxi market . Loss of value of plate approx. $25,000

I had to cut back on most my and my families spending

I am now suffering a very bad impact.. I have worked hard all my life 6-7 days a week and worked hard to achieve a suitable retirement income. These changes are having a devastating impact on my quality of life due to a major impact my income. I always saw the taxi as a superannuation solution. The changes have a devastating impact on my expectation and quality of life in my retirement. It was always expected that the taxi’s were a good superannuation investment and the industry and owners all generally accepted that this was the case.

The previous option to sell my taxi plate for $300,000 before the ACT government introduced changes has now been reduced dramatically. At this time I am unable to sell my business for any worthwhile amount. What was intended to be my financial security on retirement has been largely destroyed. .

This stress is really costing me my health. As a result I ma undergoing Cardio Angiogram on 6 November 2018 at the Canberra Hospital.

42 years of personal superannuation contributions spent on taxi plate. This was to generate my retirement income, and NOT draw on Government assistance

My retirement plan has literally been stolen from me, as the rules under which I purchased a plate have been abandoned by the government that created them. They owe plate owners the FULL COST OF THE PLATE which was purchased under the existing market rules.

The government allowed and knew these taxi plate assets to be bought and sold. Now by the Government allowing all these different Uber type of companies, or be the Government releasing its own plates, they have devalued our assets to not a viable asset. Both the financial and emotional stress is too great.

The financial and emotional stress is too large. Our asset at present is not able to be leased.

Lose of asset + value – Rent.
More difficult to meet commitments.

I think the financial down, the economy goes down as well

Currently I am just meeting loan repayments if rent go any lower I will not be able to meet loan repayments.

AS I have to pay $3,000 a month on mortgage leaves me with $900 per month. No pension.

Due to my disability I am now unemployed and depending on taxi lease income.

Financial impact is very hard to make end meet, income is cut from slow job taking that is affected by the introduction of taxi style UberX. The most worrying is the future sellable of my taxi license plate and the devaluation my plate value when it is time for me to retire.

..total destruction of my retirement plans..

I invested in taxis for my long term retirement rather then superannuation. I have worked hard for the past 20 years,believing I had invested in a financially secure future.I paid $285000 for the plate and now It worth noting, as nobody is buying, because of the government letting Uber in the market.

we are retired pensioners and it is our only source of income .

The government changes has a big impact on me I was getting a month rent (2007) at first $1,980.00 after that it dropped (2016) to $1668.13 and now getting $1,110.00.

I WAS SELF EMPLOYED FOR 55 YEARS ,EMPLOYED UP TO TEN STAFF PAID THEIR SUPER AND BENEFITS AND GOOD WAGES I WAS NEVER ABLE TO

PAY MYSELF WHAT I PAID MY STAFF BUT I LOVED WHAT I DID, WHEN I RETIRED I BOUGHT TWO TAXI LICENSES IN CANBERRA FOR $520.OOO AS PART OF

MY RETIREMENT MY CAPITAL IS NOW GONE AND MY RETURNS ARE LIKELY TO FOLLOW SUITE THE FEDERAL GOVERNMENT SHOULD STEP IN AS WE

HONEST AUSTRALIANS ARE TREATED AKIN TO CRIMINALS, BY THESE STATE GOVERNMENTS.

We bought the plate in partnership with my son.which he was apprentice plumber at the time. We were planning to lease out until he got his license then sell it to use whatever left touse as deposit to buy a house. Than uber came out we couldn’t sell the plate. We have been paying for 6 years but we got nothing in our hand.

Hardship

We sold an asset to pay off our loan from when Uber came in we are currently getting only $200.00 per week for our plate this has destroyed us…

It has destroyed me I will never be able to retire

My wife and I are self-funded retirees, and this issue has had a devastating effect on our financial security, and our health and well being.

It will mean that I will have to work for many years to come because of the uncertainty in the lease fees. The most worrying part is we are not entitled to any government subsidies.

Losing money for my retirement life because of Gov dropped off the market price and release more plates.

Makes my life tougher and tougher…

Have had to buy new business to be able to live & pay debt

Taxi income used to pay for other loans, hence will now start suffering significant economic pressure, as savings start being used to fund loans, until they are exhausted.

Bank pressure will then start if loan repayments start defaulting.

Been leasing taxis, property for many years, and never in my life have I seen Operators or Tenants dictate the market place and cause such drops in leases to the tune of 100% in a very short term.

Inability to grow my business, without using taxi values as equity.

Inability to employ people as a small business, especially for the long-term with such adverse drop-in earnings.

Cannot use lease income to fund future loans for growth of business

Inability to re-lease licences when leases expire, despite trying all depots.