Transport Minister Daryl Vaz has released closed-circuit television footage of Monday's collision between an alleged illegal taxi and a government-operated rural school bus in Portland, saying 15 lives were put at risk.

Posting on his official Instagram account on Tuesday, Vaz said the footage, captured by cameras installed inside the bus, showed the moment of impact on both the driver and a student aboard the vehicle.

"The buses are built for the protection of our students," Vaz wrote, adding that driver logs and CCTV footage would be handed over to law enforcement.