The government has made noises about being supportive of a high-speed rail link, having committed $20m to a study. The question is whether any action will emerge from it. The report strongly suggests safeguarding land corridors now before the price of the land rises.
In any case, I can't say I'm confident anyone alive today will see a high-speed rail link between Melbourne and Sydney; Australian politicians and planners have a tendency to take a lackadaisical, short-term view and muddle through with band-aid fixes, so it wouldn't surprise me if nothing happens until it's too expensive to build the link, and when air travel becomes unaffordable, the bulk of Melbourne-Sydney traffic is taken up by convoys of 11-hour trains saturating the current (low-speed) rail link. But hey, perhaps they'll at least install power points and WiFi on the trains once they're used by business travellers and not just backpackers and the rural elderly.
* Presumably they mean the New Labour HS2 plans, which have now been scrapped, to be replaced by an as yet undrafted plan which doesn't adversely affect wealthy Tory boroughs and which terminates at Heathrow.