Sydney taxi plate owners will now be paid $150,000 in compensation, up from a proposed $100,000 a couple of months ago.

The taxi industry had rejected the government’s offer of $100,000 plates and was angered by the disparity for regional owners, with some drivers looking at as little as $25,000 for each plate.

Regional licence holders will now get between $85,000 and $195,000, depending on where they live.

The compensation will be entirely covered by increasing the passenger levy to $1.20 for every taxi or Uber trip until 2030.

Transport Minister David Elliott told Ben Fordham it’s “the most generous package in Australia”.

He maintains the passenger levy is the fair way to go about funding this package.

“That will make sure that taxpayers aren’t necessarily burdened with this package.”

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Image: Getty