Elon Musk Presents an Update on the SpaceX Interplanetary Launch System

Elon Musk provided an update on the SpaceX Interplanetary launch system designed in part to colonize Mars at the International Space Congress in Adelaide, Australia today. During the presentation he explained without too much detail how the system could be achieved economically.
Musk said he SpaceX would be able to pay for the updated system by having it replace its current launch vehicles and spacecraft.

He also floated the idea of using the system for point-to-point travel on Earth that would make current-long haul destinations feasible in under an hour.