An announcement made by the state Labor government will see VicRoads partially privatised as part of a modernisation process.
The Victorian government has engaged a consortium of Australian Retirement Trust, Aware Super and Macquarie Asset Management to deliver the VicRoads Modernisation process.
The joint venture is a 40 year partnership in which the government will retain ownership of VicRoads, while generating $7.9 billion in proceeds for the state, which will be invested in the new Victorian Future Fund to help manage pandemic debt.
Among the benefits of the modernisation are easier registration and licensing as well as safe driving rewards, upgraded customer service systems and better custom Plates services, with streamlined interactions for users.
License and online testing costs will be made free under the changes and 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 a 25 per cent discount on their licence renewal.
Under the partial privatisation, the government has committed to protect the jobs of existing VicRoads employees, while creating up to 80 new jobs to oversee the partnership, support the IT modernisation process and bolster the government’s road safety role.
The government has stated it will continue to ensure control over regulation and policy, data and privacy provisions and pricing of essential fees, with information to remain secure and stored in Australia.
It also stated that independent integrity bodies, including the Victorian Ombudsman and the Office of the Victorian Information Commissioner, will continue to provide oversight.
