It was the largest cocaine haul in Australian history, a joint organized crime investigation force said in a statement.
Police allege a Sydney-based organized crime group arranged for a foreign vessel to offload the cocaine in northern Queensland before moving it to Sydney for distribution.
"Investigations into the origin of the drugs remain ongoing, and we will work with our international and domestic law enforcement partners to identify the criminal syndicates," Australian Federal Police Commander Stephen Jay said.
Police seize 2.7 tonnes of cocaine hidden in plastic tubs in Sydney. Photo by Australian Federal Police
The cocaine would have been worth more than AU$800 (US$560 million) in street sales -- money that "won't make it into the pockets of organized crime", he told a news conference.
