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I was informed by an American pax that uber brought their rates down rock bottom over there long enough to gain dominant market share then gradually brought the rates up to a more sustainable level for drivers ... perhaps a pipe dream, but it would be great if it was true.
Not true. The fares are quite a bit worse most markets here than in Australia. Any TINY raises have only come when too many drivers quit and it's a case of cut 30% give back 10% if it happens. 10% of the lowered fare, not the original of course.

Even with GST and higher gas prices you're at best about the same as the US. Certainly not worse.
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