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Traffic chaos on the Bolte Bridge as taxis drivers protest

The small business ombudsman believes the compensation being offered to taxi drivers isn’t adequate.

Licence holders will receive $100,000 for their first licence, and $50,000 each for up to three more, as the industry braces for the legalisation of Uber.

But they argue that’s a fraction of what the asset was once worth.

Ombudsman Kate Carnell said the government was responsible for taxi licences being so expensive, by limiting the amount of them in the market, but later made them almost worthless by deregulating the industry.

Ms Carnell told Tom Elliott she doesn’t know what the exact compensation figure should be.

‘I suspect more than $50,000,’ she said.

Click play for the full interview with Kate Carnell

Earlier on Monday, traffic was sent into chaos with protesting taxi drivers driving at snail-pace down the Bolte Bridge.

The drivers then descended on state parliament to make their voice heard.

They’re angry at the government’s plans to buy back taxi licences and legalise ride sharing service, Uber.

Lou the Cabbie spoke with 3AW Breakfast about the protest, saying the rolling blockade is intended to cause major inconvenience.

Click PLAY below to hear more from Lou the Cabbie