The extra cash injection will see the passenger service levy (PSL) increase by 20 cents to $1.20 (ex GST) and be extended to 2030.
According to Transport for NSW data, the package is more than double the compensation offered by the Victorian Government and more than nine times the package offered by the Queensland Government.
Minister for Transport, Veterans and Western Sydney David Elliott and Minister for Regional Transport and Roads Sam Farraway made the announcement and said the changes to the financial assistance package were as a result of continued discussions and feedback from representatives from the taxi industry.
This now takes the total assistance package, designed to help fully deregulate the industry, from $645M to $905M - more than is being offered by any other state in Australia.
Minister for Transport, Veterans and Western Sydney David Elliott said the final assistance package delivered fair and equitable financial assistance to all taxi licence holders across the state.
“I’ve always sought to ensure families who paid out their hard earned cash were not left with the burden of debt through no fault of their own and I sincerely hope this eases the financial burden on our cabbies as they manage the transition in point to point services,” Mr Elliott said.
The new package provides $150,000 for every Sydney metropolitan taxi licence holder with a cap of six plates. Each regional taxi plate will be paid between $40,000 and $195,000, with no cap on the number of plates.
Minister for Regional Transport and Roads Sam Faraway said the NSW Government had presented the most generous taxi assistance package in the country.
“On the back of natural disasters and a pandemic, the NSW Government has still been able to offer businesses like the taxi industry a fair deal,” Mr Farraway said.
“We have done this in the fairest way to customers with a modest 20 cent increase in the PSL which delivers an extra $260M to the taxi industry bringing the total amount to $905M.
“I have met with taxi operators around regional NSW, particularly those in Zone Four. This new package will see those Zone Four operators offered $40,000, an increase of 60 per cent on the previous proposal and on top of payments already made.
“This package is our final offer and should it be accepted by the NSW Taxi Council and its members then the funding will be in the bank accounts of taxi owners as soon as early next year.
As part of this final assistance package, the passenger service levy will cease in 2030. Should the final package not be accepted, legislation will not be introduced.
A Government appointed review will then be launched to assess a compensation package, based on the existing passenger service levy.
