Firearms reforms have been put back in focus with the NSW Government announcing it will be taking part in the Commonwealth Government’s National Gun Buyback Scheme, with both governments agreeing to share the costs of the buyback 50:50.

The Buyback Scheme will be implemented in phases in New South Wales, with Phase 1 commencing 2 November 2026. It will provide compensation for eligible firearms affected by firearm limits and classification changes.

Member for Cootamundra Steph Cooke said economists have estimated that participating in the Federal Government’s buyback would cost the NSW economy almost half a billion dollars in the first year alone.

“This is a lot of money being wasted on a plan that fails to take illegally obtained firearms off the street or address antisemitism and terrorism, as the State and Federal governments have claimed," Ms Cooke said

The report Ms Cooke drew on for the estimated cost of the government buyback was released by the Shooters Union Australia and written by Tulipwood Economics.

Shooters Union Australia's Graham Park said overall the cost has been estimated to be over a billion dollars over a four year period, and half of that cost will be borne by NSW for zero benefit.

Over the last few months Mr Park said they've already seen massive damage to small businesses in NSW since the firearms reforms were initially implemented.

He said they have been doing a survey on firearms dealerships across the state and the anecdotal results have shown between a 70-80 percent drop in business and a drop in the numbers of guns handed in through the firearms amnesty.

With the cap on firearms of 10 per person for target shooters and farmers, Mr Park said it has driven a huge increase in people seeking a gun license.

"From our point of view that's fantastic. The more qualified people that have a gun license, the better. But from their point of view it is an out and out fail because the guns are just going to be in different hands," he said.

Mr Park said some people with family heirlooms, or firearms they use regularly will register the guns to family members who have a firearm license.

"So long as they are safely stored and that person is qualified, it's fine, but it's certainly the opposite to what the government wanted."

Mr Park said the uncertainty around the implementation of the laws and the surround regulation has also had an impact on people going out hunting or volunteer pest controlling.

For those who take up pest control contracts, Mr Park said firearms users need to use different guns and calibres for different animals, as well as backups in case of wear and tear and this adds up.

Following this, Mr Park said according to the data from an economic report they had commissioned shows NSW earns more from hunting related activities every year than the wool industry.

He said these new laws as well as the uncertainty around the implementation on it will have a huge negative impact on the industry.

“Most firearms dealers have already experienced turnover declines of over 80 per cent since Christmas, and for the Cootamundra electorate, these are small, family-owned businesses," Ms Cooke said.

"These are just some of the reasons this issue has remained so emotive for regional communities. We all knew there would be high costs and consequences resulting from these rushed laws."

"Make no mistake, these are not illegal firearms being seized from criminals. They are registered firearms held by licensed owners who are already subject to the world's strictest storage and compliance laws," Ms Cooke said.

Mr Park said this new legislation also impacts on farmers trying to control feral animals on their land, as it is taking away the tools they need to use to control these pests.

"These so called reforms, these increased restrictions are going to generate a larger black market," he said.

"That's going to be the only observable outcome other than the confiscation of a huge amount of private property which was legally purchased and legally owned."