Australian Capital Territory
Independent Competition and Regulatory Commission (Regulated Industry) Revocation 2007
Disallowable instrument DI2007—117
made under the
Independent Competition and Regulatory Commission Act 1997, section 4(1) Regulated Industries - Declaration

EXPLANATORY STATEMENT

The Independent Competition and Regulatory Commission Act 1997 establishes the Independent Competition and Regulatory Commission (ICRC) to regulate pricing, access and other matters in relation to industries.

By instrument dated 15 June 1998, the Minister for Urban Services declared the ACT taxi industry to be a regulated industry, being an industry whose infrastructure facilities are wholly or substantially owned, controlled or operated by a single entity. However, with the accreditation in March 2007, of a second taxi network, it is no longer the case that the ACT taxi industry is operated by a single entity. 

A consequence of the taxi industry being declared a regulated industry was a requirement to refer ACT taxi fares to the ICRC for investigation and determination.

Revocation of the instrument removes the fare setting process for the taxi industry from the scope of the ICRC.

In future, submissions to the Government from the taxi industry for annual fare increases will be reviewed by an independent consultant using the accepted Taxi Composite Cost Index methodology, prior to any agreement to changes to taxi fares.