On 4 August 2022, the Senate agreed to the committee's recommendation that this inquiry be re-adopted in the 47th Parliament for inquiry and report by 7 December 2022.

All correspondence and evidence previously received for this inquiry has been made available to the new committee. This means that submissions already provided to the committee about this issue do not need to be re-submitted. The committee intends to refer to the evidence received during the 46th Parliament.

The fisheries quota system and examining whether the current ‘managed microeconomic system’ established around a set of individual transferable quotas results in good fishing practice, with particular reference to:

a. good fishing practice that is ecologically sustainable with an economic dynamic that produces good community outcomes;

b. how the current quota system affects community fishers;

c. whether the current system disempowers small fishers and benefits large interest groups;

d. the enforceability of ecological value on the current system, and the current system's relationship to the health of the fisheries;

e. whether the current system results in good fishing practice that is ecologically sustainable and economically dynamic, and produces good community outcomes; and

f. any other related matters.

On 21 November 2022, the Senate granted an extension of time to report until 7 December 2022.