Three Hong Kongers and a Chinese national were arrested during the operation which Justice Minister Michael Keenan described as the largest seizure of liquid methamphetamine in Australian history.
"This has resulted in 3.6 million individual hits of ice being taken off our streets with a street value of AUD 1.26 billion," he said.
"This largest seizure of liquid methamphetamine to date is the result of organised criminals, targeting the lucrative Australian ice market from offshore."
"That shipping container was found to contain gel bra inserts and hidden inside those gel bra inserts was 190 litres of liquid methamphetamine," he said.
The seizure was referred to the Australian Federal Police who began an investigation which traced an additional 530 litres of liquid methamphetamine to five storage units in Sydney where they were found inside art supplies.
In January, a 33-year-old Hong Kong man was arrested and charged in connection with the original seizure.
"We are alleging that the people we have arrested weren't just mere bit-players, they were significant players within this criminal network," said Sheehan, adding that they all face life in prison if convicted.
The bust comes two months after Prime Minister Malcolm Turnbull unveiled a Aus$300 million strategy to combat the growing use of ice following a government report that Australia had proportionally more users than most countries.
An Australian Crime Commission report published last year found that while US$80 bought one gram of ice in China, users in Australia had to pay US$500 for the same amount.
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