Daniel Ricciardo will reach speeds of more than 300km/h as he hurtles down the pit straight in his Red Bull Formula One car at the Australian Grand Prix in March.

It would be the equivalent of a brisk walk for the rocket-powered behemoth sitting metres away in its own marquee.

Australian land speed record holder Rosco McGlashan is taking his 200,000hp Aussie Invader 5R to the Albert Park circuit in Melbourne.

The speed machine has come a long way since McGlashan got the project back on track last year — but there is still a lot of work to do.

Liquidators had moved in to sell the vehicle after the Australian Taxation Office cancelled a research and development tax incentive.

McGlashan said he was the victim of a bungled application process handled by external consultants. He resolved the matter in February and returned to what he calls his “life’s work” — his mission to be the fastest man on Earth.

The Perth racer does not have the same level of financial support as his British rivals’ Bloodhound SSC project but both teams are aiming for 1609km/h.

McGlashan knows that showcasing his car at the Australian GP is a big opportunity. He has done it before.

McGlashan took the Aussie Invader II to the 1992 GP in Adelaide where he gained support from the likes of Caltex, Coca-Cola and Rene Rivkin.

The vehicle set a new Australian land speed record of 804km/h two years later.

“We were destitute then like we are now, unfortunately,” McGlashan said. “We go cap in hand everywhere we go. The only time we pick up sponsors or interest in what we’re doing is when people can touch the vehicle and sit inside it. That’s why we’d like to rub shoulders with the folk over there.”

Just getting the car to Albert Park will be costly but the right sponsor would make the trip worth every cent. Given the car’s silver and blue paint scheme and that it shares its home city with Ricciardo, Red Bull would seem to be a perfect fit.

McGlashan also wants to put the Aussie Invader 5R on display at the Claremont Showground in April.