The true story of glamorous crime queens Tilly Devine and Kate Leigh, and their deadly battle to control Sydney's underworld in the 1920s.

With Kate Leigh in prison, Tilly devises a radical new strategy for taking control of Razorhurst. Meanwhile, Wally faces an uphill battle to protect Kate's business and family interests while she is in prison. A dashing nightclub singer pledges his undying love to Nellie Cameron, with tragic results. And Black Aggie is publicly humiliated in a bar-room brawl with Nellie but finds love from an unlikely source.

Black Aggie strikes up a romance with Greg “the Gunman” Gaffney and gives-up prostitution. But she’s still dirty on Nellie for putting her out of work, so she fronts her with a cut-throat razor. Frank Green intervenes and gives Aggie thrice as many cuts and bruises than she started out with.

After a decade of gang warfare, Kate and Tilly have their final showdown. Phil Jeffs returns from exile and vows to drive Kate Leigh out of business. Frank and Guido fight to the death over the love of Nellie Cameron, and Razorhurst celebrates the grand opening of the Sydney Harbour Bridge.