A convoy of 200 taxis has driven through city streets as owners protest against proposed changes to the industry.
They say they will be left bankrupt if the State Government adopts a recommendation to remove a cap on the number of taxis allowed to operate.
It is one of several recommendations in a draft report on the industry, that the Government says it is still considering.
Taxi owner and industry spokesman, Harry Katsiabanis says new licences should be introduced gradually and current licence holders should be compensated.
"If Government wants to be noble and do the right thing, and they believe our industry is in turmoil and they want to start again, let's compensate everybody and let's start from scratch," he said.
"That would be the noble thing to do.
"Not to come along and decimate people's wealth and bankrupt three thousand Victorians." Mr Katsiabanis says the the unlimited release of licenses will be the death and the decimation of the taxi industry.