In September 2022, the Senate established a select committee, to be known as the Select Committee on the Cost of Living. The Committee was appointed to inquire into and report on:

(a) the cost of living pressures facing Australians;
(b) the government’s fiscal policy response to the cost of living;
(c) ways to ease cost of living pressures through the tax and transfer system;
(d) measures to ease the cost of living through the provision of government services; and
(e) any other related matter.

This report summarises the evidence that has been presented to the Committee so far. It focuses on three themes that were identified as priority areas: energy prices, housing, and food and groceries.

Key findings:

• The most effective way to reduce inflation is to have monetary policy and fiscal policy working in the same direction. 
• The cost of living crisis is causing an increase in the demand for services provided by the charitable and not-for-profit sector. 
• Energy prices, housing costs (both in terms of rental and mortgage costs) and the cost of food and groceries are major contributing factors to the cost of living crisis. 
• Greater supply and reforms to domestic policy settings are required to adequately address the need for additional housing, including community and social housing.