As an economic study puts the cost to NSW of Prime Minister Anthony Albanese’s proposed firearms buyback at almost $1 billion, the state’s gun industry is already on its knees with no relief in sight.
The firearms industry is appalled by the cost to the community, especially as the proposed buyback has already crippled gun shops throughout the state.
James Walsh, the CEO of the Shooting Industry Foundation of Australia (SIFA), was scathing of the government’s disregard for the damage done since announcing the buyback after the Bondi terrorist attack in December.
“Government cannot announce a policy that freezes an industry, collapses confidence, and then disappear for a year while businesses carry the losses,” Mr Walsh said.
“NSW firearm businesses and industry have been left in the lurch.
“The buyback has not commenced and likely will not for another 12 months.
“There is no proper timetable, no published valuation framework, no cashflow support, and no answer on whether businesses will be compensated for stock, stranded inventory, lost margins, leases, staff costs, goodwill or forced closures.
“Many firearm dealers are small and family businesses. Some have served lawful shooters, farmers, pest controllers and regional communities for generations.
“Since the December 2025 laws were passed, many have seen sales collapse by up to 80 per cent.”
The Tulipwood Economics study, released this week, estimated gun owners would have to be paid more than $400 million in compensation for handing in just 20% of legally owned firearms.
However, Mr Walsh said it did not factor in any compensation for firearm businesses so badly affected.
“The report already estimates the total economic and social cost to NSW at nearly $1 billion, and that is before governments give any clear answer on full industry compensation.
“If business losses are compensated properly, the bill will rise.”
0 Comments