Three men are accused of being part of a criminal syndicate that imported almost 750 kilograms of methamphetamine in shipping containers into Sydney.
Acting on a tip-off, Australian Border Force officers found the haul hidden in numerous sea cargo containers which arrived at Port Botany last month.
Police said the 748kg of methamphetamine has an estimated potential street value of more than AU$675 million ($NZ745 million).
Detectives from the NSW Drug and Firearms Squad arrested three men over the stash on Wednesday.
They were all refused bail and will appear in court later on Thursday.