The Japanese did it first with the bullet train in 1964. Saudi Arabia is spending $15 billion expanding its high-speed rail network, and close behind are Qatar and Kuwait, which are spending $10 billion each. Europeans have an enviable high-speed connection; it was Spain's network that captured the attention of the US president.

When told more people used fast trains between Seville and Madrid than those driving and flying put together, Barack Obama announced high-speed rail would be a key part of his $US8 billion fiscal Recovery Act.

Why are Australians missing out on high-speed trains?

"Building a new system of high-speed rail in America will be faster, cheaper and easier than building more freeways or adding to an already overburdened aviation system - and everybody stands to benefit," he said.

Perhaps most impressive of all are the Chinese. In the previous five years they spent more on rail, roads and other fixed assets than they spent in the past 50. Next China plans to link 20,000 kilometres with high-speed rail networks before 2015.