The Perrottet government’s Expenditure Review Committee will meet on Wednesday to green-light the package that Transport Minister David Elliott has put together for taxi compensation.

5,000 families have been waiting seven years for compensation for plates purchased for at least $350,000 each that are now worth $20,000.

“I’m told it will be six figures for every taxi plate, but not as high as the quarter of a million the industry was asking for,” Chris O’Keefe said.

“So there will be a payment in excess of a hundred thousand dollars, to cushion the blow for people whose assets have fallen through the floor through no fault of their own.

“The economic hard heads in cabinet are still not thrilled about this outcome, but it is a hell of a lot better than the $20,000 the taxi plate owners were offered by Andrew Constance a few years ago.”

The announcement is expected to come later in the week.

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