Fast trains connecting Sydney to Newcastle and Melbourne to Brisbane could be more than a pipe dream under a plan to be announced by the federal government.
A proposal to establish a high-speed rail authority tasked with starting the major, long-term infrastructure project will be presented to parliament on Thursday.
A high-speed rail network in Australia would allow passengers to travel between major cities and significant regional cities at speeds of more than 250 kilometres an hour.
A board made up of experts in the rail and infrastructure sector will oversee the new authority, which will provide independent advice to governments on high-speed rail planning and delivery.
The authority will also be the lead agency to coordinate the project with states and territories.
But its first priority will be to plan the Sydney to Newcastle section of the network, backed by an initial $500 million federal funding commitment, Infrastructure Minister Catherine King said.
"No project captures the imagination of Australians quite like high-speed rail, and we are committed to realising the massive benefits this project could bring," she said.
"This is a long-term project, but with the pragmatic advice of the high-speed rail authority we can take a genuine path forward."
Initially working with the NSW government on the Sydney to Newcastle section, the authority will also plan for a fast trains connecting Brisbane to Melbourne with stops in Canberra, Sydney and regional centres.
"High-speed rail offers the promise to change the lives of millions of Australians, especially in our regions, while also bringing our east coast capitals closer together," Ms King said.
"This is a visionary investment in opening up our regions to greater opportunity."