Some 42,000 rapid, at-home COVID-19 tests worth more than $500,000 have been stolen from a depot in Sydney, amid a nationwide shortage.

NSW Police were called after man walked in to the freight depot in Mascot on Tuesday afternoon and “took possession” of the tests.

“The incident was reported to police and inquiries are continuing,” a police spokesperson said.

It comes as Australia continues to grapple with a shortage of rapid antigen tests and price gouging the consumer watchdog has called “beyond outrageous”.

ACCC boss Rod Sims says the agency has received reports of RATs costing up to $500 for two tests through online marketplaces, and more than $70 per test through convenience stores, service stations and independent supermarkets.

Despite wholesale RAT costs being up to $11.45 a test, the agency said prices for the kits are often retailing between $20-$30 and are priced much higher through smaller outlets. 

Get all the latest Canberra news, sport, entertainment, lifestyle, competitions and more delivered straight to your inbox with the Canberra Daily Daily Newsletter. Sign up here.