A new line would be 1000k's or so. Sure this would be a great idea but the initial outlay will be an incredible figure. The Bullet Train runs for about 400k's and is in a commuter catchment involving around 20M people (Tokyo-Osaka etc). You need LOTS of customers.

The XPT is a 160kmh (really 200k) train already, but it currently averages 50k's or so. So it loses money because the full fare paying people can get there quicker by coach/car or plane. The problem is the rails:
There's a vicious hill off the ranges past Goulburn. The XPT is geared for 160 primarily because those grades are so steep.
This is a freight line, Getting XPT's to coexist with freight trains is already ruining both at 50k's. No chance at 160+.
The track is crap. Fast trains need really good rails. Big money.

So yes, you need a new line. But you need to pay for it. Give it customers.

We should run the Melbourne XPT the 160k's to Nowra instead. This would make money as there's a good commuter market already, and the XPT will simply build on it by making the trip quicker. The track down to Wollongong is pretty good, and the track from there to Nowra is flat and straight. (North to Newcastle is much harder terrain)

This would create a huge new coastal commuter area within which people could get to Sydney in under an hour, and so could make it's profits. From there a single line extension to Canberra would be simply be a viable extension to an existing profitable service. Would be relatively cheap to do. Trip time for the 400k's is sub 3 hours @160.

After that you can extend to the Snow (skiers pay well), and from there to a Victorian railhead. All extra line would be cost justified extensions to a current paying line. And you can afford to build some stuff if you just stop the current loss making services to Melbourne and Canberra.

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Many countries provide public transport for free.
Pros:
-More public transport use, meaning less pollution, less cars on the road, more inner city parking, faster driving times.
-More demand means more buses, trains required meaning more jobs and more convenient transport times
-Save money and time with tickets, and the processes involved in selling, checking and using them.
-Less reliance on late night taxis will also decrease assaults with people relying on queuing for cabs to get home (assuming public transport is provided).

Cons:
-Govt cost increase

Just because ticket inspectors aren't required doesn't mean security is no longer required, jobs will just change, not be lost.

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