New fines for cyclists who don't wear a helmet will boost the average annual revenue stream of about $335,000 for the offence to more than $1.5 million, if the same number of riders are fined.

The hike in revenue figures, obtained from the office of NSW Roads Minister Duncan Gay, are the result of the impending increase in the helmet penalty from $71 to $319 –​ an increase of 349 per cent.

From March 1, cyclists will also have to carry proof of identity, while motorists will be required to give cyclists a metre gap when overtaking in speed zones of 60km/h or less, and 1.5 metres in higher speed zones.

The penalty for a cyclist disobeying a red light, which increases from $71 to $425 (up 498 per cent) could result in a revenue jump from just under $24,000 (also averaged over the past four years) to more than $142,000, according to the minister's figures, if the same number of fines are issued.