Illawarra taxi owners and drivers are unaware of a government scheme to compensate them for the lost value of their plates, according to Labor's Paul Scully.
Taxi plates - also known as a licence - are a legal requirement for all taxis.
After the government's legalisation of rideshare services, the value of a taxi licence more than halved in some areas of NSW.
This hit some drivers hard as they had been looking to sell their licence when they finished working and use the proceeds to help fund their retirement.
Wollongong MP Mr Scully said drivers had contacted him over the issue.
"I've made representations to the Minister for Transport and Roads, Andrew Constance, on behalf of over 100 plate holders and drivers based in my electorate alone, many of whom said they were totally unaware of the government's compensation scheme," he said.
Mr Scully noted the government planned an inquiry in 2022 but Mr Scully wanted it brought forward.
"The taxi industry is at breaking point right now and the government should be bringing forward this inquiry, not sticking its head in the sand hoping this situation will go away," Mr Scully said.
"Taxi plate holders are essential small businesses on wheels, they are going broke and families, including in Wollongong and the Illawarra are suffering because of the government's stubbornness."
Transport for NSW said $250 million in funding had been given for an industry assistance package in the wake of changes to the point to point transport sector.
It was not a compensation scheme.
It said all licence holders and the NSW Taxi Council were informed of the package and that information was available in Greek, Cantonese, Mandarin and Arabic to advise people how to apply for assistance.