The sum, which corresponds to just over six million kronor, could attract fortune hunters, admits police chief Dean Thomas at a press conference.
But he advises the public not to attempt to intervene, the man is described as armed and very dangerous.
What we want is information, says Thomas.
The man has not been seen since August 26, the same day he killed two police officers and seriously injured a third during a house search at a farm outside the village of Porepunkah in northern Victoria in the Australian Alps.
More than 450 police are still participating in the search in the mountains. The man is said to be used to moving in the wilderness and has good knowledge of the area, where there are many caves and mines. But it is also cold, on Saturday the temperature dropped below zero, according to ABC News.
The state of Victoria has never before offered such a high reward for an arrest.
