The Rail, Tram and Bus Union (RTBU) escalated industrial action this week, with trains out of action for not passing maintenance standards on Monday and area-based strikes altering timetables and delaying services on Tuesday and Thursday.Â
Mr Elliott said he had spoken to RBTU state secretary Alex Claassens on Thursday night.
"They appear to be close to resolution but there are still one or two outstanding matters that will need to be determined," he told a budget estimates hearing on Friday.
The union was presented a revised deed on Wednesday for changes to a new intercity fleet of Korean-built trains it believes are not yet safe to operate in NSW.
As well as the trains issue, a new enterprise bargaining agreement is also on the table for rail workers, after the previous agreement expired in May last year.
Multiple unions are involved in the negotiations for a new enterprise agreement.
"We will be having some further intense negotiations relating to that next week and I'm hoping that Alex and I can sit down and thrash out any outstanding matters on Wednesday," Mr Elliott said.
The RTBU is also refusing to operate foreign-built trains, which make up the bulk of the network.
A deal was almost reached on the new intercity fleet changes in May.
Mr Elliott said he had formed a position to change the trains but had not taken it to cabinet or the expenditure review committee.
Employee Relations Minister Damien Tudehope told the union he would not support any union demands that would delay the introduction of the new trains.
Mr Elliott put the price of modifications at $1.1 billion, or $264 million "depending on how you account for the cost".
Treasurer Matt Kean quoted the higher figure earlier this week.
Mr Elliott said he did not necessarily agree with the union that the trains needed modifying.
"I conceded that the opportunity cost of not making these modifications was potentially going to be more than the cost of the modifications themselves," Mr Elliott said.
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