Transport Minister Anthony Albanese today released a study into a high-speed rail network, that would allow express journey’s between Melbourne and Sydney and Sydney and Brisbane.
The project would cost up to $114 billion and wouldn’t be complete until 2058.
The study was a detailed economic analysis of the project, showing high-speed rail could be financially viable, returning $2.30 for every $1 invested.
Under the preferred route, regional stations will be at the Gold Coast, Casino, Grafton, Coffs Harbour, Port Macquarie, Taree, Newcastle, the NSW central coast, the southern highlands, Canberra, Wagga Wagga, Albury and Shepparton.
The news of the high speed rail plan is being digested in the Hunter, with Liberal MP Bob Baldwin saying that, while he supports the concept, a lot more work needs to be done.
The Member for Paterson believes a solid business plan needs to be put compiled to make sure it’s feasible.
The Newcastle to Sydney corridor would be the third stage of the project, with construction starting in 2037 and finishing in 2045.
That segment would cost $18.9-billion, and would slash the travel time from Newcastle to the state’s capital to 39 minutes.
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