Australian Federal Police and Customs, who intercepted the shipment on arrival in Sydney, said the street value of the drugs could be up to Australian dollar 100 million (USD 80.5 million).
"This is a significant detection and shows the lengths transnational gangs will go to in smuggling drugs into our country," Customs and Border Protection Regional Commander Tim Fitzgerald said.
The Australian Crime Commission considers that the drug, known as "ice", poses the highest risk of all illicit drugs to the community, and believes its use has almost doubled in the last year.
"A white crystalline substance was found inside each bag which returned a positive result for methamphetamine," police and customs said in a statement.
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After authorities substituted the drug with a harmless substance, the consignment was delivered to an address in suburban Sydney and the 66-year-old man arrested.
He has been charged with importing and attempting to possess a commercial quantity of methamphetamine - offences which carry a maximum penalty of life in prison or a Australian dollar 1,275,000 fine or both.
A recent report found that while USD 80 bought one gram of ice in China, users in Australia had to pay USD 500 for the same amount.
"In recent years we've seen the creep of ice use stretch across the nation, with individuals from all levels of society succumbing to its depravity - destroying families, wreaking havoc in regional and rural communities and placing significant pressure on our frontline services," Justice Minister Michael Keenan said.