Taxi licence holders across the State will receive an additional $500 million in assistance payments as part of a comprehensive $645 million package to fully deregulate the industry and benefit customers long term.
Treasurer Matt Kean said $145 million had already been paid out and additional payments would be made early next year, once legislation to remove taxi licence supply restrictions is passed in Parliament.
“This will create a level playing field across the sector, freeing the taxi industry to better compete, while driving improved and more innovative services for customers,” Mr Kean.
“To help existing taxi licence holders adapt to these changes, the package will provide $100,000 for each eligible Sydney metro taxi licence up to six licences per owner. It will provide up to $130,000 for each taxi licence outside of Sydney with no cap on the number of licences per owner.”
Minister for Transport, Veterans and Western Sydney David Elliott said he was proud to deliver a win for the taxi industry.
“I told the taxi industry that the NSW Government has their back and today is proof of that,” Mr Elliott said.
“Members of the taxi industry have suffered greatly over the past several years, financially and emotionally. I am pleased to see today that we have acted to support them by offering financial assistance which surpasses the package proposed to the industry in September last year.”
Minister for Regional Transport and Roads Sam Farraway said the taxi industry is vitally important in regional areas, where ride share services simply aren’t available like they are in the city.
“This financial assistance package will help the regional taxi industry move forward and build on its vital role in providing transport services across regional NSW,” Mr Farraway said. “All eligible taxi licence holders should ensure their contact details are up to date with the Point to Point Transport Commissioner.”
The NSW Government has consulted closely with peak industry bodies like the NSW Taxi Council and A2B Services to develop the package.
Under the package, the $1 Passenger Service Levy (PSL) will be extended from 2026-27 to 2028-29. The amount of the PSL will not be changed.
This package will form part of the NSW Government’s total deregulation of the point-to-point industry. A Bill is expected to be introduced to Parliament by the end of the year and funds will be distributed next year.