The completion of the VicRoads Modernisation process will see ownership of the driver licencing and vehicle registration body retained by the Victorian Government.
A consortium of stakeholders were engaged to deliver on the transformation of VicRoads to streamline interactions for motorists after a 15 month undertaking that involved consultation with VicRoads workers, unions and motorists groups.
Businesses and individuals would benefit from upgraded customer service systems, improved Custom Plates services and user-friendly registration and licensing according to the State Government, who was under increasing pressure with $155 billion of debt prompting 42 new and increased taxes, including $5.8 billion in new and increased taxes in the 2021-22 Budget.
Aware Super, Australian Retirement Trust and Macquarie Asset Management were selected by the Government to deliver the VicRoads Modernisation process which is expected to generate $7.9 billion in upfront proceeds for the state coffers.
This would be invested, at a later date, in a new Victorian Future Fund to help manage pandemic debt according to a statement from the Victorian Government.
Continued ownership of VicRoads by the Government will ensure control over regulation and policy, data and privacy provisions and pricing of essential fees, with information to remain secure and stored in Australia.
The joint venture partners are Australian industry superannuation funds and long-term investors with combined experience delivering the New South Wales, South Australian, Victorian and Western Australian land titles services, as well as data centres and telecommunications infrastructure.
The joint venture with VicRoads now spans four decades.
Victorian Treasurer Tim Pallas called it a win for owners of trucks and other vehicles.
“It’s a terrific start for the Victorian Future Fund, which will deliver major benefits for Victorians as we continue to recover strongly from the shocks of the pandemic,” he said.
Independent integrity bodies, including the Victorian Ombudsman and the Office of the Victorian Information Commissioner, will continue to provide oversight.
The VicRoads Registration and Licensing business maintains registers of more than six million vehicle operators and five million driver licence holders, including cars, motorcycles, heavy vehicles and boats.
Licensing and online testing costs will be slashed as part of a package that will also reward safe driver behaviour.
Under the changes, learners and probationary licences as well as online testing will be made free.
Aspiring drivers and riders will save up to $51.40 in learner licensing and online testing fees.
While probationary drivers will save up to $133.30 in probationary license and online hazard perception testing fees.
Safe drivers who have not incurred demerit points or committed road safety offences in the three years prior to their licence expiring, will be rewarded with the reintroduction of a 25 per cent discount on their licence renewal.
“Getting your Ls and Ps is one of life’s most significant milestones – and we will deliver them for free,” said Minister for Roads and Road Safety Ben Carroll.
“The agreement protects the jobs and conditions of VicRoads workers and will see us create new roles as well,” he said.