The state government is announcing a $645m assistance package for the taxi industry.

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.

Licence holders in Sydney will receieve $100,000 per plates to a maximum of $600,000.

Press PLAY below to hear Chris reveal the details

Image: Getty