Three charged in $1 billion meth bust in Melbourne

Three people have been charged following the discovery of methamphetamine with a street value of more than NZ$1.05 billion hidden in some stereo speakers.

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The raids are Australia's largest ever onshore seizure of the drug with two private customs agents are among three people arrested. Source: 1 NEWS

The 1.6 tonne haul - equal to almost 16 million drug deals - is the largest ever onshore seizure of the drug and was uncovered earlier this year, according to Australian Federal Police.

It was found by Australian Border Force officers in Melbourne in April inside a sea cargo consignment and hidden inside stereo speakers originating from Bangkok, Thailand.

Australian Federal Police with the $ billion haul of methamphetamine. Source: Australian Federal Police

More than 35kg of heroin, with a street value of NZ$19.2 million, was also discovered. It's the largest seizure of heroin in two years.

The charges come after raids on properties in Brooklyn, Darley, Elwood, Murrumbeena and Sunshine West yesterday.

Two men, aged 37 and 38, and a 37-year-old woman, will face Melbourne Magistrates Court today on drug importation charges.