Bob Katter quizzes PM on cost of living as RBA hikes cash rate

Maverick independent MP Bob Katter has delivered a wild question to the PM on a topic close to many Australians’ hearts.

Bob Katter has waxed lyrical about the price of groceries as he asked Anthony Albanese what he would do to rein in inflation.

The longtime independent member for Kennedy delivered an enthusiastic question on the cost of living during question time in parliament on Tuesday.

“Is our country in pain? Free markets save the planet,” Mr Katter began.

“Our housing prices up 500 per cent. Tyres 800 per cent. Electricity and health insurance 400 per cent.

“And our average weekly earnings are only up 215 per cent.”

Mr Katter didn’t say over what period of time he was implying these increases in prices had occurred.

Prime Minister Anthony Albanese during question time on Tuesday. Picture: NCA NewsWire / Gary Ramage

He continued: “Is the cold and worthless duopoly recording record profits charging Mrs. Housewife an avocado mark-up of 120 tomatoes 200, sugar 300, potatoes 1000?

“Cold and worthless CEO salaries $10m a year,” he said.

He ended his question to the Prime Minister by asking: “PM, while your workload is an inspiration to us all, what is your salary? Action when?”

The maverick crossbencher, who represents large swathes of rural Queensland, is socially conservative but he tends to be more of an agrarian socialist when it comes to matters of the economy.

Speaker of the House Milton Dick noted Mr Katter had run over the time allocated in which to ask his question.

Mr Albanese replied by saying Labor had several policies he said would help Australia become more resilient.

Former prime minister Scott Morrison now sits on the back bench during question time in parliament. Picture: NCA NewsWire / Martin Ollman

These included the $15bn National Reconstruction Fund to finance job-creating infrastructure projects, as well as ensuring government procurement prioritised local manufacturing, Mr Albanese said.

Later in the session, Mr Albanese promised cost of living relief would be included in his government’s first budget, which Treasurer Jim Chalmers will hand down next month.

Mid-question time, the Reserve Bank of Australia announced a 0.50 per cent increase to the official cash rate after the board held its monthly meeting on Tuesday afternoon.

Bob Katter asked a question about the cost of living shortly before the Reserve Bank announced another consecutive cash rate hike. Picture: NCA NewsWire / Gary Ramage

The central bank hiked the cash rate for the fifth consecutive month, raising it to 2.35 per cent, as it attempts to bring inflation under control.

Banks have been quick to follow the RBA’s lead by increasing interest rates in line with each cash rate lift since May.

And this month is expected to be no different.

In a statement released after Tuesday’s decision, Reserve Bank governor Philip Lowe warned inflation in Australia was “the highest it has been since the early 1990s and is expected to increase further over the months ahead”.

Treasurer Jim Chalmers has fended off criticism of his government’s plans to press ahead with the contentious stage three tax cuts. Picture: NCA NewsWire / Gary Ramage

Jim Chalmers told parliament the announcement would “be very difficult news for a lot of Australians with a mortgage”.

But the Treasurer defended the Albanese government’s decision to press ahead with the contentious stage three tax cuts.

The third of the Morrison government’s three tranches of tax relief will come into effect in the 2024-25 financial year and benefit some of Australia’s wealthiest people.

“I know there is a lot of debate and discussion about those tax cuts,” Mr Chalmers said.

“I listen respectfully, obviously, to all points of view that are put to us about the future of those tax cuts, but our focus is on some of the nearer term pressures.”

Originally published as Bob Katter quizzes PM on cost of living as RBA hikes cash rate