In July–August 1988 a $1 million passenger market analysis was completed and a feasibility study was started, for which the joint venture partners budgeted $19 million. In December, a VFT Concept Report was released, identifying the key issues for a high-speed rail system, to be built and operated by private enterprise, with trains operating between Sydney, Canberra and Melbourne at speeds up to 350 km per hour. The report sought positive responses from the New South Wales, Victorian and federal governments and the Australian Capital Territory administration in facilitating access to land for survey and route investigation; ensuring cooperation by government agencies; and forms of support, including enactment of legislation to facilitate land acquisition.