Government have been vague about what a full “lock down” state means and when it could happen and I think that contributes to wanting to buy TP. It does not take that many people to exhaust the supply on shelves.
It just takes a few over zealous a**holes 
Things have finally settled at my local Woolies, with bountiful supplies of toilet paper (even multiple brands) and return of plentiful meat - after it cost AU$41 for 4 chicken breasts at its peak a couple of weeks ago (around AU$32/kg)!
Yep, things have settled down somewhat, With limits working. The local butcher has plenty off meat too 
I think all the people who wanted to stock up have stocked up as much as they’re going to. There are a few things still missing from the supermarket - bread mix, flour, certain types of seasoning, etc., but I have even seen Coles brand tissues returning at their old price. Toilet paper, while available, seems to have been subject to a semi-permanent price hike, however. I suppose we can just call it the Hoarders’ Tax.
And it begins… again (at least here in Melbourne as we’ve just declared a state of disaster and 6 weeks hardest lockdown yet). Supermarket meat shelves this evening. 
Should have gone earlier!
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Yea, times are crazy. I have more stuff than usual if things get that way again. But, I’ve slowly added it up over time - I didn’t go rush out and buy a bunch of stuff. When people do that, that’s what causes the shelves to go dry.