TAXI license holders statewide will receive an additional $500 million in assistance payments as part of a comprehensive $645 million package to completely deregulate the industry and benefit customers in the long run.
Treasurer Matt Kean said $145 million had already been paid out and additional payments would be made early next year once legislation to lift the supply restrictions on taxi licenses is passed in Parliament.
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“This will create a level playing field across the industry, giving the taxi industry the freedom to compete more effectively, while providing improved and more innovative services for customers,” said Mr Kean.
“To help existing taxi license holders adapt to these changes, the package will earn $100,000 for each eligible Sydney metro taxi license, up to six licenses per owner.
“It will earn you up to $130,000 for each taxi license outside of Sydney with no limit on the number of licenses per owner.”
Minister for Transport, Veterans and Western Sydney David Elliott said he was proud to bring the taxi industry a win.
“I have told the taxi industry that the NSW government is behind them and today is proof of that,” said Mr Elliott.
“Members of the taxi industry have suffered tremendously in recent years, both financially and emotionally.
“I am delighted to see today that we have taken action to support them by providing financial support that exceeds the package presented to the industry in September last year.”
Regional Transport and Roads Minister Sam Farraway said the taxi industry is vital in regional areas, where rideshare services are simply not available like in the city.
“This financial assistance package will advance the regional taxi industry and build on its vital role in providing transport services in regional NSW,” said Mr Farraway.
“All eligible taxi license holders must ensure that their contact details are up to date with the Point to Point Transport Commissioner.”
The NSW government has been in close consultation with industry associations such as 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 change.
This package is 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 the funds will be distributed next year.
More information about the scheme and eligibility is available at https://www.transport.nsw.gov.au/projects/programs/point-to-point-transport-reforms.