The Newcastle to Sydney section would cost $141 million dollars per kilometre.
The report, commissioned by the Federal Government, estimates it would take at least 9 years to begin construction and it wouldn't be finished until at least 2053.
However, once built, the network would generate enough revenue to cover costs.
The Greens pushed the motion for a high speed rail in the 2010 Federal Election, and the party is pleased Labor is planning ahead.
Greens Senator, Lee Rhiannon says that a number of economic benefits could be seen in job creation.
"...for every $1 invested, there would be a $2.30 return to the nation's economy," Senator Rhiannon said of the project.
The Greens also believe the well being of east coast Australians would be improved by the convenience of reaching capital cities with slashed travel times.
