Two major share bike companies are shutting up shop.

Chinese company Ofo will be removed from Sydney and Adelaide streets over the next 60 days, while Aussie operator Reddy Go is also closing, offering each member two free bikes in a bid to get rid of stock.

The decision comes just weeks after the state government announced it was planning to fine companies over dumped bikes.

NSW Transport Minister Andrew Constance tells Ben Fordham “they’ve been a pain in the backside for many people”.

“It seems that the companies got scared of the regulations and legislation we were about to introduce.

“We’re still going to put an enforceable code on them which means they would be fined if the bikes were dumped around streets and footpaths and parks.

“Obviously it doesn’t work with their business model to be penalised in this way.

“It’s been a disgraceful effort on their part. They had the means to track the bikes so they had a responsibility, I think, ethically and morally to go and clean them up.”

Click PLAY below to hear the full interview