A man has been charged after the massive drug haul was discovered on the vessel near the Queensland-NSW border as part of an investigation into a crime syndicate with links to bikie gangs.
The 41-year-old NSW man was on board the catamaran intercepted by a joint task force as it sailed into the Tweed River last week, police said.
He was nabbed amid a probe into the bikie-linked syndicate's alleged plot to sail cocaine into Australian waters and use local vessels to bring the drugs to shore.
Pictures released by Australian Federal Police on Monday showed black duffel bags on the catamaran they claimed were being used to import the drugs, along with $100,000 in cash.
"Transnational criminal syndicates have reaped huge profits by feeding Australia's demand for illicit drugs however the AFP and our partners ... remain one step ahead," AFP Detective Inspector Steven Wiggins said.
"Organised crime groups are driven only by greed and have no regard for the harm they reap on individuals, families and the wider Australian community."
Investigations are continuing to identify the vessel and crew that brought the drugs into Australian waters and to identify other syndicate members, police said.
The catamaran allegedly sailed from the Tweed River on Tuesday, travelling north before its transponder was turned off.
The vessel collected the drugs at sea and sailed back to the coast before the transponder was turned back on as it returned to the Tweed River two days later, police said.
Police intercepted the catamaran and towed it to a secure location, where it was searched and examined.
The 41-year-old Tweed Heads man faced the NSW Bail Division Court on Friday charged with importing a commercial quantity of a border-controlled drug which carries a maximum penalty of life imprisonment.
He was formally refused bail and remanded to next appear in court on June 12.
Australian Border Force Superintendent Jim Ley said organised crime had been sent a message.
"This amount of cocaine would have meant more addiction, more crime, and more violence in our communities. Because of this operation, that harm was stopped," he said.
"Our message to organised crime is clear: we are watching, we are working together, and we will stop anyone who tries to bring illicit drugs into Australia."Â
The joint operation involved officers from Australian Federal Police, Australian Border Force, Queensland and NSW police and the Australian Criminal Intelligence Commission.
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