The 200 kilogramme (440 pound) bust was made at Port Melbourne with three men, two of them dock workers, arrested and now facing a maximum sentence of life imprisonment.
Police said the operation involved taskforces in Melbourne, Sydney and Brisbane with the shipment identified as high-risk ahead of its arrival from Shanghai on October 1, following a tip-off. A factory and other properties in Melbourne were subsequently raided.
"This seizure has prevented more than Aus$200 million of this substance from being on the streets of our towns and cities in Australia," said Australian Federal Police Commander Scott Lee.
"Through our combined commitment to combating this crime type, we are working across jurisdictions and borders to deal significant blows to crime syndicates," he added.
