On 20 August 2024 the Senate established a select committee, to be known as the Select Committee on the Tasmanian Freight Equalisation Scheme, to inquire into and report on:

1. the merits and weaknesses of the scheme and if it is currently fit for purpose;
2. if the scheme has kept up with increasing costs over the past decade;
3. the cost and budget of the scheme;
4. shipping costs, competition and shipping industry competitive structures across Bass Strait, including alternative freight options;
5. eligibility criteria under the scheme;
6. the operation and administration of the scheme;
7. how the scheme impacts businesses on King Island and Flinders Island; and
8. any other related matters.

The committee will present its final report by 26 November 2024.