Australia must start planning for a high-speed rail network along the east coast, says Labor's infrastructure spokesman Anthony Albanese.
Mr Albanese on Monday introduced a private bill to establish a high speed rail planning authority, to initially develop a business case for a rail network and seek private sector interest.
It's his fifth attempt at introducing the legislation, he added, saying the government "has sat on its hands" on the infrastructure project.
Mr Albanese says two-thirds of Australia will benefit from a Sydney to Melbourne network, and every dollar of investment would see a return of $2.50.
"It's about turbo-charging those regional economies," he told the lower house.
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"To not only provide significant jobs during construction but provide a significant economic boost in the medium to long term for regional Australia."
Rail trips along the east coast were expected to jump from 152 million in 2009 to 355 million in 2065, he added.
Mr Albanese mirrored warnings made by Infrastructure Australia in recent months, saying there would be significant savings if land on the east coast was purchased now for the rail corridor, before it is usurped by urban sprawl.
"We need to stop talking, we need to get on with it," he said.
