Currently, the only genuine reasons for owning and using a handgun in NSW is for pistol clubs and law/security enforcement.

However, it would be much cheaper and easier for farmers and hunters to put down animals such as livestock and/or vermin/pests if a .22cal pistol were permitted. A rifle is cumbersome, and carrying two rifles (a hunting rifle and a backup) is illogical. Any humane hunter would refuse to shoot an animal with a small calibre weapon from a distance, and thus they rely on larger calibres such as a .260rem, .223, .243, .308, 6.5mm creedmore, etc. However, anyone who has gone shooting will testify that even the most accurate shot will sometimes cause a slightly prolonged death, and thus will follow up with a shot to the head. However, this is done at close range, and is thus dangerous, since a large calibre bullet will very often ricochet if it hits the ground at close range. 

To combat this, I would suggest that hunters and farmers be permitted to carry a small calibre (.22cal LR rimfire) pistol, since this is by far the best tool for putting down an animal at close range.