Widely different approaches to rail reform are evident across countries and within Australia. Reforms have involved structural separation (both vertical and horizontal) and varying degrees of private sector involvement. Evidence from Australian experience suggests that no one size fits all. The characteristics of rail networks-namely the degree of market power, the strength of intermodel competition, competition in downstream markets and traffic density would all influence the approach adopted. These differ for urban passenger, regional freight (general and bulk) and long distance networks. The potential implications for future rail reform are outlined.