SCIENCE said:

more expert economic managers, spending money on destroying stuff, such genius

Matching the 1996 buyback scheme, states and territories will be responsible for collecting and processing surrendered firearms, as well as issuing payments to individuals, Mr Albanese said. The Australian Federal Police will be tasked with destroying surrendered firearms.

https://www.abc.net.au/news/2025-12-19/australia-gun-buyback-2025-explained/106162936

The buyback scheme lasted from October 1996 to September 1997, and saw the destruction of more than 650,000 firearms. Gun owners were asked to surrender their weapons in return for monetary compensation. The program ultimately cost $304 million in compensation, around $57 million in administration, and $4 million for a national public education campaign.

WA has an ongoing firearm amnesty. you don’t get compensated as it is a voluntary hand-in.