Yes, it still exists! And I may indulge in it on my next trip up north: one way by train, travelling the 1,700 km from Brisbane to Cairns in 31 hours, and enjoying the "Queenslander Class" luxury; the other way by Greyhound bus, hopping off the coach at several stops between Cairns and Sydney to revisit old friends and old places.
Things have changed on the Sunlander train since this documentary was filmed in 1988, and the three old ladies are obviously travelling in economy sleepers, but the clip conveys something of the atmosphere and feeling of train travel:
Here's the official 'blurb':
And if I want to continue my train travels after I have arrived in Cairns, I can take a trip on the historic Savannahlander:
Train timetable Brisbane - Cairns Fare $609 Queenslander Class
Coach timetable Cairns - Brisbane
Coach timetable Brisbane - Sydney Fare $373 Cairns-Sydney