Delivery drivers will get minimum wage in Australia's 'world-first' deal

There were two problems:

1. Increased wages got passed along to increased prices, decreasing demand for Ubers and thus the total number of rides/deliveries.

2. Increased wages made driving more attractive, so more people signed up to be drivers.

More drivers competing for fewer rides meant that each driver didn't actually make any more money.

All the regulation really did was make Ubers more expensive.