The annual cost of funding public transport in NSW is set to hit $5.7 billion within a decade, raising the prospect of commuters being slugged with higher fares to achieve a balance between those who "directly benefit" and others.

The forecast is contained in the draft Future Transport Strategy released on Sunday, which updates the NSW government's 2012 long-term transport master plan by outlining its vision for likely changes led by technology, innovation and population growth to 2056.

Under the plan, two-thirds of Sydneysiders will be able to commute between their jobs, homes and key services within 30 minutes, but they may have to wait 40 years to do so under new long-term strategies that will divide Sydney into three interconnected cities.

The strategy also notes that the gap between the operating cost of public transport and revenue recovered from fares, advertising and other means has grown by an annual average 4.5 per cent since 2012 to hit $3.6 billion in 2016. Due to increasing operational expenses as more infrastructure such as the Sydney Metro is built, it says the gap is expected to rise to $5.6 billion by 2026.