Stumpy,
People are concerned that registration of all firearms provides a "shopping list" for police in the event that they implement a buyback policy. This is how the buyback worked in Australia. One year they asked for registration, then all law abiding owners complied, and the next year they changed the law and had the buy back. Conveniently, due to registration, they could track down the firearms they wanted.
The other argument that people tote, is that registration, historically, has provided little benefit in terms of solving crimes. As with the Canadian registry, the main reason it was abandoned is that it had minimal statistical impact on the number of crimes solved. Although this is sometime held in contention.
EDIT: These are the two cases that I am familiar with, there are other examples of firearms registration schemes worldwide which work in different ways and may/may not provide benefits in terms of solving crimes. In summary, there are three reasons firearms owners in New Zealand seem opposed to general registration.
1) Possibility of a buyback - firearms owners view registration as a precursor to this.
2) Administrative and financial burden on police services
3) Data security concerns
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