Elon Musk unveiled his latest new vision Friday - flying anywhere on earth in under 60 minutes for the same price of a full fare economy ticket.

In a surprise announcement at a space industry conference in Australia, the SpaceX and Tesla (TSLA - Get Report) CEO demonstrated how interplanetary rocket systems could be used for long distance travel.

In an Instagram post, Musk wrote: "Fly to most places on Earth in under 30 mins and anywhere in under 60. Cost per seat should be about the same as full fare economy in an aircraft. Forgot to mention that."

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Editors' pick: Originally published Sept. 29.