Coen van Rosmalen (24) was hit by the taxi in Beacon Point Rd about 3.30am on Sunday, September 14. He was lying on the road at the time.
In a statement today police said they had conducted a thorough investigation and charges would not be laid against the taxi driver.
The investigation included a review of forensic evidence, scene examination and witness statements, police said.
The matter has been referred to the coroner.