Prime Minister Anthony Albanese has announced a national gun buyback scheme, labelling it the largest such measure since John Howard initiated a similar plan in the wake of the Port Arthur massacre.

The buyback initiative would be consistent with the 1996 approach, Mr Albanese told reporters in Canberra on Friday, and target surplus, newly banned and illegal firearms.

He said the government would introduce legislation to provide the funding for the initiative and that the Commonwealth would split the cost with the states and territories on a 50:50 basis.

The states and territories would also be responsible for the collection, processing and payment to people handing over their weapons, under the prime minister’s proposal.

Mr Albanese said there were more than 4 million firearms in Australia, which is more than at the time of the Port Arthur massacre. 

“The terrible events at Bondi show we need to get more guns off our streets,” he said.

“We know that one of these terrorists held a firearm licence and had six guns, in spite of living in the middle of Sydney’s suburbs.

“There’s no reason why someone in that situation needed that many guns.”

National cabinet — which is made up of the prime minister and state and territory leaders — agreed to look at ways to bolster gun laws on Monday, including the possibility of restricting licences to Australian citizens.

The federal and New South Wales governments have also declared Sunday, December 21, a day of reflection to honour the victims of the deadly antisemitic terror attack a week earlier.

Flags on all New South Wales and Australian government buildings will be flown at half-mast on Sunday, he said.

He added that the government would also work with the Jewish community to arrange a national day of mourning to be held. 

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