New South Wales is set to commence Australia's largest gun buyback in 30 years, with the scheme launching in two phases from 2 November. The state and federal governments have agreed to share the costs of the programme, which is a response to the Bondi beach terror attack.
Under the first phase, compensation will be offered for various firearms. This includes $1,000 for revolvers, $850 for semi-automatic handguns, $850 for double-barrel shotguns, and $650 for single-barrel shotguns. Rifles will be compensated between $650 and $1,000, while air rifles have a fixed payment of $450.
The federal and NSW governments stated that phase 2 of the scheme will begin in early 2027. This phase will provide a pathway to compensation for eligible higher-value firearms with an indicative market value above $3,000, capped at $10,000 per firearm. The federal government will contribute 50% of administration costs and fully fund the destruction costs for surrendered firearms.
The buyback scheme will be administered by NSW police and will compensate individuals for surrendering firearms that exceed the state's new ownership limits or have been reclassified. These new laws restrict individual gun ownership to four, with exceptions for farmers and professional shooters who are limited to 10. The laws also ban firearms allowing multiple shots without reloading.
An initial industry support package for businesses and dealers is part of Phase 1, offering grants of up to $25,000 and one-off licence fee relief worth $500 over two years per dealer. Further industry support details for Phase 2 are expected to be announced later.