Victorian cabbies who bought a $500,000 taxi licence prior to the 2014 reforms - which changed them to $22,000 per year - can now apply for a new hardship payment from the state government.
Prior to 2014, owner-drivers and taxi companies shelled out over $500,000 for a perpetual taxi licence per car, which were tightly controlled by government and difficult to obtain.
An outcome of the Liberal government's 2012 taxi inquiry was a new cut-price taxi licence that cost $22,000 per year with no cap on the number of licences issued.
These were introduced in July 2014, which left perpetual taxi licence holders struggling in a more competitive environment.
Public Transport Minister Jacinta Allan announced on Thursday that applications are now open for the $4 million Taxi Reform Hardship Fund.
Perpetual taxi licence owners who meet the eligibility criteria and can demonstrate severe financial distress as a result of the reforms may be eligible for payments from the fund.
Former Transport Accident Commission chief executive Janet Dore has been appointed to administer the fund and will assess applications with a team of externally appointed auditors.
Applications for the fund will close on February 12, 2016.
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