The current world land speed record was set by Andy Green back in 1997 and sits at 736 mph, which the British fighter pilot achieved behind the wheel of a turbofan-powered car in the Nevada desert.

The record breaking team is now working on a new world’s fastest car project dubbed Bloodhound and is currently testing a new car with a much more powerful jet engine.

However, out to quash their efforts is another team based in Australia and led by Rosco McGlashan. The Aussie team will be using a rocket-powered car that goes by the name of Aussie Invader 5R and is claimed to be able to accelerate from 0 – 1,000 mph in just 20 seconds.

The vehicle features four individual thrusters and weighs almost seven tons without any fuel.

Both the Aussie Invader and Bloodhound teams are unlikely to be ready until at least 2011, with much of their success now depending on outside sponsorship dollars.