Extra revenue raised from controversial plans to remove speed camera warning signs in NSW will go into a "community road safety fund, not government coffers", NSW Transport Minister Andrew Constance says.

The government has confirmed that it is considering removing signs that warn drivers as they are approaching fixed and mobile speed cameras and will not deploy warning signs ahead of new cameras that will detect whether drivers are using mobile phones.

"This isn't revenue raising, this is about saving lives," Mr Constance said on Monday.

"Red light speed cameras reduce fatalities by 74 per cent. The road toll is up and it's time for action.