Authorities in Australia have seized the largest amount of cocaine in the country's history, following a raid on a yacht off the New South Wales coast.

Australian Federal Police recovered 1.4 tonnes of cocaine, worth an estimated £192 million ($312 AU), Justice Minister Michael Keenan told reporters.

Six people were arrested in the covert midnight operation, including four Australian nationals, one New Zealander and a Swiss national.

The men have been charged with conspiracy to import drugs and could face life imprisonment.

In a joint statement, Justice Minister Michael Keenan and Immigration Minister Peter Dutton said: "This is the largest cocaine haul ever seized in a single operation in Australia's history."

"The interception was the result of a dogged, two and a half year, multi-agency pursuit involving the Australian Federal Police, Australian Border Force and New Zealand Customs Service."

The haul was over 440kg greater than the previous record of 938kg in Western Australia state in 2001, they added.