Pretty tight, but not quite as tight as a lot of the US rhetoric might suggest. Any firearm needs to be licensed and registered; but there are plenty of avenues for people to get licenses. It's just deliberately difficult and expensive to shake loose the casual buyers.
One main point of contention is the requirement that 'Home defense' isn't considered an appropriate reason to own one.
So even if you have one for club/recreational usage, security work or farm/culling etc; when not in use, it needs to be locked in a safe, with ammunition locked away separately.
Makes it useless as a deterrent to home invasion.
Also we have plenty of gun violence here. Every few years they (US media mostly) need to redefine "Mass shooting" or "Spree shooting" incidents, in order to keep claiming that Australia hasn't had a "insert weasel word here" in x number of years. Biker gangs are always having shootouts. They can get guns real easy.
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