The largest gun buyback scheme since the Howard era reforms has been launched in response to the Bondi terror attack.
Prime Minister Anthony Albanese said gun owners would be offered cash for their firearms in response to Sunday's massacre, which left 15 people dead.
One of the two gunmen who carried out the attack legally owned six firearms while his son and fellow shooter had been investigated for alleged terror links.
Mr Albanese said "hundreds of thousands" of guns would be collected and destroyed, but did not provide a timeline on the scheme.
"There are now more than four million firearms in Australia, more than at the time of the Port Arthur massacre nearly 30 years ago," he told reporters in Canberra on Friday.
The government will work with states to impose strict limits on the number of guns a person can legally own.
There will also be tougher limits on the kinds of weapons legally available.
"Non-citizens have no need to own a gun ... and someone in suburban Sydney has no need to own six," Mr Albanese said.
"But that's exactly what one of the terrorists from the weekend had access to."
Under the buyback scheme, which will target the newly banned firearms, states and territories will be responsible for collecting the guns and paying owners to surrender them.
Federal police will destroy the guns.
It builds on Western Australia's ongoing buyback, collecting more than 74,000 licenced weapons since February 2024.
The Cook government set aside more than $64.3 million for the buyback scheme in 2024.
NSW police minister Yasmin Catley said she expected the state would need three to four times the WA budget.
The scheme will be similar to the buyback introduced by then-prime minister John Howard following the Port Arthur mass shooting in Tasmania which killed 35 people.
"Australians are rightly proud of our gun laws ... we're not home to the constant carnage we see in some countries," Mr Albanese said.
"(But) the terrible events at Bondi show we need to get more guns off our streets."
The NSW government will introduce "once in a generation" gun reforms into parliament on Monday.
Among them is a requirement that residents become a member of a gun club to own firearms.
Gun ownership will be capped at four firearms per person and magazine capacities will be reduced.
Access to various long-arms including straight, pull, pump-action, button, lever-release weapons will also be restricted.
"This is obviously extraordinary powers not seen before in any jurisdiction in the country," Premier Chris Minns told reporters on Friday.
The Shooting Industry Foundation of Australia said the gun buyback scheme could cost taxpayers as much as $15 billion while NSW farmers are seeking clarity on the new reforms.
Northern Territory chief minister Lia Finocchiaro said her government "will not blindly follow approaches designed for others".
"The Northern Territory has a very different context to the larger states. Instead, we will contribute meaningfully and make decisions on what is best for the Territory," she said.
