Bangladesh's own left-arm speedster Shoriful Islam, who had recovered from a side strain that kept him out of the first Test, cut a swathe through Australia's batting to claim 6-35 off 11 lethal overs in his best-ever return in an innings.
Australia were 8-165 at stumps on a day when 18 wickets fell on a Great Barrier Reef Arena surface that assisted the pace bowlers.
In-form No.5 Cameron Green (51no) held the innings together after making 104 in the first Test in Darwin.
Earlier Starc (6-12) had five wickets by his 22nd delivery as the visitors collapsed in a heap to be all out for 64 off just 34 overs.
Australia opener Matt Renshaw then failed to make the most of his recall, and No.3 Marnus Labuschagne's struggles continued.
Renshaw, opening the innings in his first Test since 2023, edged to slip after making just eight, before Shoriful claimed two wickets in his first over.
Travis Head (22) chopped on for the third time in a row in this series.
Battling Labuschagne made four before he missed a delivery on leg stump that hit his thigh pad and rebounded on to the stumps.
Steve Smith (42) was lbw to Shoriful with one he reviewed. The ball was just shaving the off stump and the star No.4 threw his head back in disappointment at his wretched luck.
Shoriful trapped Beau Webster in front and blasted out Pat Cummins, both for ducks, then cleaned up Starc (one) in a devastating burst.
Starc earlier took a wicket with the first ball of a Test match for a record-breaking fourth time before skittling and rattling a bumbling Bangladesh batting line-up.
Bangladesh had no answer to Starc's swing and pace, before Australia captain Pat Cummins chimed in with 3-25.
The total was the lowest by a team batting first in Australia since 1932 when South Africa were dismissed for 36.
The star of the show for Australia on Saturday was Starc.
It was the sixth-fastest five-wicket haul in Test history, seven balls shy of Starc's own all-time record of 15 deliveries against West Indies in Kingston last year.
He took his tally of Test wickets to 441 and 10th on the all-time list, going two past South Africa great Dale Steyn.
Cummins won the toss, inserted the visitors and Starc quickly took over.
Opener Shadman Islam played across a swinging delivery and edged straight to Green in the gully, just as the sold-out crowd settled into their seats.
A lazy waft by Tanzid Hasan presented third slip Webster with a gift. Next ball captain Najmul Hossain Shanto was given lbw, another tight call, as the first three batters all fell for ducks.
When Mominul Haque (nine) edged to Green at gully, Starc had an incredible 4-4 off three overs.
Webster, much to Starc's dismay, dropped an absolute sitter in the slips off Litton Das, but it made no difference.
The next ball Starc had his fifth wicket when he successfully reviewed an lbw shout, much to Webster's relief.
Alex Carey and Cummins had spoken before the Test about their determination to atone for the nine-wicket loss to Bangladesh in Darwin.
They did exactly that with the ball, but stumbled with the bat.
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