"... Very Fast Train - very pragmatic naming in Australia, I always joked it would be replaced by the FFT, I'll leave you to work that out!). ..."
Well, in UKland, where every iteration is uglier, more expensive, more cheaply made, includes less seasoning in the packet, less noodles and fewer, smaller, less tasty biscuits all made with more artificial everythings, and is definitely always going to be slower, I would guess it stands for "Fairly Fast Train".
The iteration after that would be something like SST for "Slightly Slower Train".