Australia is in the midst of an extinction crisis, and our approach to wildlife conservation isn't working, according to the Greens, which has initiated a Senate inquiry into endangered species.

The inquiry, also backed by Labor and crossbench senators, will examine the decline of nearly 500 Australian species, and how the loss of these animals is affecting our ecology.

The Greens party is questioning the adequacy of our environmental protection and conservation laws, as Australia currently has the highest rate of mammal extinction in the world, due to invasive species, marine plastic debris, logging, and climate change.

Senators from Labor and the Liberal Party will also sit in on the inquiry, which is due to report in December of this year.