It's been dubbed the train that only runs in an election year.
A high speed rail network, closing the distance from Sydney to Melbourne to two hours.
It's an idea that's been proposed by so many governments, it's become fodder for parody.
But Consolidated Land and Rail Australia said this time they've got it right.
The group's Jay Grant said the line will cut inland through eight new cities, purposely built to reinvigorate rural Australia
"This is different because this is a decentralisation plan, an inland cities plan, it's all about land value capture which will help pay for the civil and rail infrastructure."
"It's all about land value capture which will help pay for the civil and rail infrastructure"
The proposal is to first link Melbourne to Shepparton in the next ten years, then continue north towards Wagga Wagga eventually curving around to Sydney.
The network will take 35 years to build, at a cost of $200 billion, but former Victorian Premier Steve Bracks said it's the most viable fast rail network proposal the country has ever seen.
"I'm confident this is the best project that Australia has seen to get fast rail between Melbourne and Sydney and to develop the corridor in between with regional development centres which will make it viable."
In 1984 the CSIRO planned a link between Melbourne, Canberra and Sydney, but with a price tag of $2.5 billion it was deemed too expensive.
The idea again floated in 1993, joining Sydney and Canberra for $2.4 billion.
A 2000 review into a network from Melbourne to Brisbane also deemed the plan too much for the government coffers, while political feet were dragged on a 2008 plan for a Sydney to Melbourne line, costed at a maximum of $108 billion.
While the idea has been rejected by every federal government since the Hawke era, it's largely been the expense that's kept the train in the station.
But former New South Wales Premier Barry O'Farrell said the new business model won't rely on taxpayer dollars.
"It's going to pay for itself through development of regional cities and that's good," he said.
"My interest is because there are masses of area throughout NSW that are under-utilised and under-resourced"
But not everyone's convinced.
"Hopefully the penguins don't beat us to it."
Greens Senator for Victoria Janet Rice is concerned what the new regional city developments will do to the existing rural townships, and she believes there are major problems with the costing.
"I don't think the project announced today is the signal to get excited because I think there's so many problems in how they're financing it," she said.
Ms Rice said while the Greens support high speed rail, the modelling has to be transparent and she believes an independent body should be established to monitor the development.
Australia and Antarctica now remain the only two continents without high speed rail.
Ms Rice said she hopes that won't be the case for long.
"Hopefully the penguins don't beat us to it."
