NSW Police issued an arrest warrant for Mark Horne after he went on the run on Friday.
The 32-year-old was last seen about 6am at Riverwood in Sydney's south, where he was in a small, white vehicle heading westbound on the M5 motorway.
Police believe he removed his electronic monitoring device before fleeing.
Detective Superintendent Grant Taylor says Horne's history suggests he could be heading to Queensland, with plans to travel to Asia by boat.
"He is a desperate man, he is a dangerous man," he told Sydney radio 2GB on Tuesday.
"We are not shy of committing as much resources as possible in trying to find him."
Police warn people not to approach him.
"I would consider him an armed individual," Det Supt Taylor said.
Police believe he might be getting help from associates to avoid detection.
Horne was awaiting trial over the shooting of truck driver Leith Carstairs and the theft of $550,000.
His escape is reminiscent of another last year when accused drug kingpin Mostafa Baluch sparked one of Australia's biggest manhunts after he cut off his ankle bracelet and fled while on bail.
He was recaptured over two weeks later when he was caught at the Queensland-NSW border while hiding in the back of a luxury car being transported in a truck.
Horne is about 185cm tall and of medium build, with brown hair and brown eyes.
He has distinctive tattoos covering both arms and his right leg, as well as faded tattoos on his neck and chin.
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