Australian officials say they have seized the nation's largest haul of methamphetamine at the Melbourne waterfront in a shipment of almost 1.6 metric tons (1.8 tons) of the illicit drug hidden in stereo speakers shipped from Bangkok.

Australian Border Force said in a statement on Friday 37 kilograms (82 pounds) of heroin was also been seized in the recent shipment. The drugs had an estimated combined street value of $848 million.

Police have yet to make an arrest.

Australian Border Force Regional Commander Craig Palmer said the record seizure of the drug known as crystal meth or ice would have a significant impact on drug supply.

Australia is being increasingly targeted by drug cartels because of the relatively high prices Australians are prepared to pay for illicit drugs.