Compensation for firearms

The first phase of the buyback, beginning on November 2, will offer fixed compensation rates for individual licence holders who possess more firearms than permitted.

Compensation will range from $450 for an air rifle to $1,000 for a handgun or centrefire rifle – and a flat payment for associated ammunition.

Eligible businesses and dealers impacted by the buybacks can apply for grants up to $25,000, and gun dealers will receive one-off licence fee relief worth $500.

The gun buyback’s second phase, scheduled to begin in early 2027, will provide a pathway for eligible higher-value firearms with an indicative market value above $3,000.

Compensation will be capped at $10,000 per firearm, with further details to be announced at a later date.

The Albanese government will contribute 50 per cent of administration costs and fully fund the destruction of surrendered firearms.