The taxi industry is set for a massive shake-up, with taxi companies able to set their own prices under the latest set of reforms.

Under the reforms, due to be introduced in State Parliament on Wednesday, passengers booking via an app would receive a fare estimate at the time of booking.

Drivers will also be required to give fare estimates to anyone who hails a cab from the street. Only taxis with safety cameras will be able to pick up such passengers.

To get the best price, passengers will have to shop around using taxi company apps, or ask drivers on the street for a fare estimate.