On 28 September 2022 the Senate established a select committee, to be known as the Select Committee on the Cost of Living, to inquire into and report on: 

1. the cost of living pressures facing Australians;
2. the Government’s fiscal policy response to the cost of living;
3. ways to ease cost of living pressures through the tax and transfer system; 
4. measures to ease the cost of living through the provision of Government services; and
5. any other related matter.

The submission closing date has been extended to 28 March 2024. The committee is particularly interested to hear about solutions that address cost of living pressures, and is encouraging both new submissions as well as supplementary submissions from those who have previously submitted to the inquiry.

The committee was originally due to report by 30 November 2023.

On 2 August 2023, the Committee's reporting date was extended to 31 May 2024.