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The National farebox recovery policy which was introduced in 2010, included a target to achieve a national farebox recovery ratio of no less than 50% over the course of the next two National Land Transport Programme (NLTP) cycles – that is, to the end of the 2015-18 NLTP.  This means the initial target has not applied since mid-2018. 

While at this stage the Transport Agency is not proposing to introduce a new target, the underlying principles of the current policy still apply when developing regional fare policies:

• fare policies should be consistent with the wider objectives in Regional Public Transport Plans and contribute to the government’s transport priorities
• fares play an important role in helping cover the cost of public transport within available budgets
• farebox recovery is one component to consider when planning fare revenue and reviewing fare levels, but should not be the only measure considered. 

Monitoring of farebox recovery rates using the methodology and reporting process specified by the Transport Agency is still required.