Elon Musk's idea to take you anywhere in the world in under an hour

Elon Musk has proposed an out-of-this-world idea for travel which would see passengers flying to space and back to reach any world destination in under an hour.

Speaking at the International Astronautical Congress in Adelaide on Thursday, the outspoken chief executive of electric car maker Tesla Inc and rocket company SpaceX proposed his bold idea to the world leaders in space travel.

In a SpaceX video which illustrates the idea, passengers board a large boat which takes them to a floating launchpad near the major cities around the world.

From here a commercial rocket blasts off into the atmosphere, orbiting the globe at 29,000km/h and touching down at its destination within 60 minutes.

Mr Musk says his idea for rocket travel would be as affordable as commercial airlines - although he provided no insight into how this would be possible.

He told the crowd that while it may seem outlandish, with concerns over the dangers of landing, the company has now landed 16 rocket boosters successfully in a row.

However, the ships Mr Musk is proposing are a lot larger and full of people.

Both the new rocket and spaceship are currently theoretical, but the billionaire technologist hopes to begin construction within nine months.