Speed of light is 299792458 m/s (according to google)
Distance between London and Sydney is 16,983Km (according to google)
So, 16,983 / 299792.458 * 1000 = 56ms.
Now:
PING xyz.com (220.233.xxx.xxx): 56 data bytes
64 bytes from 220.233.xxx.xxx: icmp_seq=0 ttl=46 time=409.263 ms
64 bytes from 220.233.xxx.xxx: icmp_seq=1 ttl=46 time=432.955 ms
64 bytes from 220.233.xxx.xxx: icmp_seq=2 ttl=46 time=351.018 ms
64 bytes from 220.233.xxx.xxx: icmp_seq=3 ttl=46 time=373.894 ms
64 bytes from 220.233.xxx.xxx: icmp_seq=4 ttl=46 time=392.918 ms
64 bytes from 220.233.xxx.xxx: icmp_seq=5 ttl=46 time=412.357 ms
Pretty much 10x the speed of light. So, not several orders of magnitude, but at least one. This gets way worse in datacetner networks.