Ray Hadley has slammed the NSW Treasurer for his insistence that the taxi plate compensation package is a good one.

The Daily Telegraph reports a number of government MPs blew up in a party room meeting on Tuesday, demanding taxi licence holders get fair compensation.

The promised compensation will see regional areas divided into four tiers, with some drivers looking at as little as $25,000 for each plate.

Treasurer Matt Kean is standing by the package.

“Matt, you are a two-faced bludger,” Ray said, “how dare you say this is a good scheme?”

“The Treasurer is a dimwit! He must have done it on an abacus.”

Press PLAY below to hear Ray’s fiery comments