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2.... It cannot be done within the term of a Federal Government.
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Nail, head, hit.
Dunno about any airlines 'jointly operating' anything without a merger, but I don't see why something like 'Virgin Trains' in the UK couldn't work here - lines essentially privatised and operated by seperate companies.
It'd require some significant vision from political leaders, however. I don't see much of that in the current lot.