The Federal and ACT governments had each taken a step towards the approval of a fast train on this day in 1994.
The Speedrail project, if completed, would connect Sydney and Canberra with a 300km/h rail system, enabling travel between the cities within 75 minutes. It was hoped the rail would be running by the 2000 Olympics.
There had been hope previously for a different fast-train project, a $10 billion Very Fast Train, but it did not see the light of day as the Federal government refused to grant tax concessions.
Managing director of the Speedrail consortium, Dale Budd, said it would not make those same demands of the government, and they would seek funding from various other areas.
ACT Chief Minister Rosemary Follett and federal Industry Minister Petter Cook announced each government would contribute $50,000 towards a study examining the feasibility of the Speedrail project.
This study would focus on whether there was a market for those seeking travel between Canberra and Sydney for half the price of flying and at a much faster speed than driving or catching other public transport.
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