The independent review, chaired by former competition watchdog boss Allan Fels and former Prices Surveillance Authority chair David Cousins, will investigate ways to make toll roads more equitable and how government relief measures can be better implemented.
Speaking at a press conference on Tuesday ahead of the inquiry's first hearing, Professor Fels indicated several options will be on the table but conceded any reforms would be constrained by long-term contracts with toll operators.
"There is some scope," he said when asked whether any recommendations from the review will lead to motorists paying less for tolls.
"I'm not suggesting that there's going to be a revolution in toll prices and that we're going to travel free on roads."
On the agenda will be ways to simplify toll charges, including distance-based and time-of-day charges, and whether government relief measures were adequately targeting those most in need.
"There is scope to negotiate some win-win outcomes (with toll operators)," said Prof Fels, who also confirmed the review will not make any recommendations to override long-term toll contracts.
Transurban, which controls 11 of Sydney's toll motorways, has indicated it would be willing to work with governments to implement reforms.
Company executive Michele Huey told the independent inquiry's first hearing the operator was open to exploring a single cost to enter toll roads and then a charge based on how far they travel, and opportunities to extend time-based charges.
Prof Fels had earlier indicated that increased toll signage would be a top priority for investigation despite the previous Perrottet government's opposition.
"Looking around the world, there are many places which do this better than Sydney," he said.
Transurban operations manager Chris Jackson told the inquiry that for signage to be effective, it would be need to be easily understood and placed early along feeder routes so drivers had enough time to decide which route to take.
Means testing of drivers could be on the cards for government toll subsidies, Prof Fels told journalists, with the existing relief scheme set to expire.
"It could mean some very well off people who benefit from the present scheme might lose out," he said.
The review was initiated after a Treasury report recommended scrapping set fees on toll roads and applying a single network-wide charge and means testing.
