The Mark Wahlberg thriller, which tells the story of a former smuggler forced to deal in counterfeit bills in order to protect his brother-in-law from a drug lord, made $1,615,102 in ticket sales.
Last week's number one The Vow drops down to number three, while Reese Witherspoon, Tom Hardy and Chris Pine's love triangle story This Means War stays strong in second place after making $1,372,651.
Fourth spot is filled by CIA action thriller Safe House, which made almost $1 million in profit, while Liam Neeson's latest gruelling horror thriller The Grey sits comfortably at number five in the chart.
The Artist, which won Academy Awards for 'Best Picture', 'Best Director' and 'Best Actor' earlier this week, creeps into the list at number 10.
The Australian box office top ten in full below (figures in Australian dollars):
1. (-) Contraband - $1,615,102
2. (2) This Means War - $1,372,651
3. (1) The Vow - $1,251,670
4. (3) Safe House - $928,514
5. (5) The Grey - $494,380
6. (7) My Week with Marilyn - $440,848
7. (6) Chronicle - $436,622
8. (4) Star Wars: Episode I - The Phantom Menace (3D) - $435,245
9. (-) Extremely Loud and Incredibly Close - $405,793
10. (-) The Artist - $347,962
Watch the trailer for Contraband below: