A parliamentary committee has urged the federal government to keep a close eye on the development of a futuristic technology that could make it possible for Canberrans to travel to the capital cities of four Australian states within an hour.
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In a new report, the House of Representatives' standing committee on infrastructure, transport and cities said it would be "a little premature" for the government to make a formal commitment to the development of hyperloop technology in Australia.
Nevertheless, it described the concept as having "significant potential" and said the federal government "should keep abreast of developments ... with a view to exploiting its potential in the future".
In December, the Sunday Canberra Times revealed US company Hyperloop Transportation Technologies' vision for an "ultra high-speed", tube-based transportation system capable of fixing what it described as Australia's "broken" public transport system.
According to estimates in the company's submission to the standing committee's inquiry into automated mass transit, a trip between Canberra and Sydney would take just 14 minutes.
Canberrans could also reach Melbourne in 23 minutes, Brisbane in 51 minutes and Adelaide in 56 minutes.
The longest trip on the proposed network, which would also link to regional areas, would be a journey of one hour and 47 minutes between Brisbane and Adelaide.
With a maximum projected speed of 1223km/hr, the hyperloop system proposed for Australia would involve pressurised capsules magnetically levitating in low-pressure tubes propelled with "nearly zero" friction.
The system, which would be faster than any ground transportation now in existence even at half its maximum speed, would be powered by solar panels on the roof of the tubes and at stations.
It would include passenger and cargo capsules, with each passenger capsule able to carry 38 people.
While the concept is undoubtedly futuristic, Hyperloop Transportation Technologies is already testing and commissioning similar systems all over the world.
Wesley Heron, Hyperloop Transportation Technologies' head of business development in Australia, told a standing committee public hearing the hyperloop technology was "not a pipedream, somewhere over the rainbow".
"It's being designed and built in a project in Abu Dhabi this year," he said.
The company's co-founder and chairman Bibop Gresta said it had another 12 contracts in different stages of implementation around the world, including in France and Germany.
Mr Heron and Mr Gresta have proposed a public-private partnership to build a hyperloop system in Australia, saying that before work could start, they would need the government to commit to investing in feasibility studies and hyperloop "innovation hubs".
Asked how long it would take to have a hyperloop up and running in Australia, Mr Gresta told standing committee chairman John Alexander "we could do it in four years".
He told the committee studies suggested a return on investment period of between eight and 15 years.
"We're stuck in traffic, bumper to bumper. We're losing our time – 10 minutes here, 30 minutes or one hour there," Mr Gresta said.
"The hyperloop promises to change our lives, not by going faster but by bringing people closer faster.
"The Australian population is ageing. Many people live in rural areas. Imagine giving them the opportunity to easily access healthcare specialists in the cities.
"Imagine giving Australians affected by housing affordability the change to live in the country and commute to work in the city in minutes."
Hyperloop Transportation Technologies was formed in November 2013 and is one of several companies racing to be the first to bring billionaire entrepreneur Elon Musk's hyperloop concept to reality.
Another company, Virgin Hyperloop One, has built a full-scale test system in the US state of Nevada.
