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The government will privatise parts of VicRoads as it partners with Aware Super, Australian Retirement Trust, and Macquarie Asset Management in a 40-year deal called the ‘VicRoads Modernisation process’.
The partnership is said to bring $7.9 billion in upfront proceeds for the state, which the government has said will be invested in the new Victorian Future Fund to help tackle debt from the COVID-19 pandemic.
Drivers who have not incurred demerit points or committed road offences in the three years prior to their licence expiring will receive a 25 per cent discount on their licence renewal fee.
Roads Minister Ben Carroll said the move was “embedding road safety” in the deal.
Learners and probationary licences will also become free.
Victorians wanting to get their L-plates will save up to $51.40 in testing fees, while those going for their Ps will save up to $133.30.
The deal will also create 80 new jobs within VicRoads.
The rare occasions where people are allowed to not wear a seatbelt