Prime Minister announces biggest gun buyback scheme since the Howard government

It will be the largest gun buyback since John Howard introduced one after the 1996 Port Arthur massacre.

"Australia's gun laws were last substantially reformed in the wake of the Port Arthur tragedy. The terrible events of Bondi show we need to get more guns off our street," Mr Albanese said on Friday.

The scheme, to be funded on a 50-50 basis by federal and state governments, will target surplus, newly-banned and illegal firearms.

State and territories will be responsible for securing guns from individuals, while the Australian Federal Police will destroy the firearms. A group of police ministers and officials will meet next week to discuss logistics of the scheme in more detail.

The Australian Federal Police Association said in a statement it was concerned surrendered weapons would be destroyed without undergoing ballistic or forensic testing. The testing can help with further investigations.

"Any results from forensic and ballistic testing must be entered onto the Integrated Ballistic Identification System to maximise its investigative value. We further call for dedicated funding to be allocated specifically for this testing phase to ensure it can be carried out thoroughly and without delay," association present Alex Caruana said.

A day of reflection will also be held on December 21, during which Mr Albanese asked all Australians to hold a minute's silence and light a candle at 6:47pm, marking one week since the tragedy. He encouraged people to show support for the Jewish community.

"It is a moment to pause, reflect and affirm that hatred and violence will never define who we are as Australians," he said.

An official national day of mourning will be announced in the new year.

The announcements come after further gun restrictions, including limiting the number of firearms able to be owned by an individual, were unveiled on Monday.

Mr Albanese today declined to say how many guns he thought an individual should own, instead saying it was a matter for states and territories. One of the Bondi shooters, living in suburban Sydney, legally owned six guns.

The Prime Minister said the Office of National Intelligence had identified an online video feed from ISIS that reinforced that Sunday's shootings were an "ISIS-inspired attack".

Security agencies were continuing to investigate motivations around the Bondi massacre, he said, and the federal government would keep providing them with "whatever support" they needed. The National Security Committee, which includes key cabinet members, has met six times since Sunday.

Seven men who police believe may have had similar motives to the Bondi attackers were arrested in south-west Sydney yesterday.

"I want to deal with all of the threats, whether it be extremist perversions of Islam leading to support for the ideology promoted by ISIS, or whether it be concern[ing] the issue of sovereign citizens killing police in Victoria and Queensland. I'm concerned about neo-Nazis being able to walk down our street dressed in black, not worried about their faces being covered," he said.

However, he confirmed Parliament would not be called back before Christmas to pass hate laws or tighten gun restrictions, following comments this week from opposition leader Sussan Ley suggesting Parliament should return.

"We want to make sure that the laws are right. We want to make sure as well that there is broad support for it across the board," he said.

He said no intelligence or security agencies had information about the Bondi shooters, Naveed and Sajid Akram, that had not been passed on to the government.