Two men aged 53 and 36, were arrested and charged with trafficking after the discovery of the ice at a warehouse in the Victorian state suburb of Nunawading, east of Melbourne, AFP reported.
According to Australian Federal Police, the drugs were hidden among floor boards in a shipment on its way to Melbourne.
Justice Minister Michael Keenan said "Make no mistake, the swift action of our law enforcement agencies has stopped an unprecedented tsunami of ice from hitting our streets with a deadly impact.
The bust comes less than a week after the arrest of three Vietnamese nationals in Melbourne. Authorities had seized 300kg of ice hidden in metal gates from them.
Prime Minister Malcolm Turnbull praised the police for the operation and said: "This was nearly a tonne of ice, so this is a great credit to our border protection and our police in confiscating this enormous shipment."
Officials said the shipment may have originated in Asia but did not specifically name any country. "You can see a fairly sophisticated concealment methodology where organised crime groups are going to great lengths to try and thwart the activities of law enforcement, particularly our border controls," Assistant Commissioner Neil Gaughan was quoted as saying by BBC.
In December, authorities made the largest bust of cocaine in Australia's history. According to reports, Australia has an increasing problem of crystal meth addiction and government has recently allocated A$300m for rehab and education services to address the issue.