Qld cost of living: Premier slams Reserve Bank’s latest interest rate rise

Annastacia Palaszczuk has pleaded for housing support in the federal budget and slammed the Reserve Bank for compounding the crippling cost-of-living crisis.

Annastacia Palaszczuk has pleaded for housing support in the federal budget and slammed the Reserve Bank for compounding the crippling cost-of-living crisis.

The Premier said financial pressures had “never been so far reaching in my lifetime”, and called for a wider strategy to address the issue.

She acknowledged homelessness was a major issue across the state and stressed the challenge and need to address the “greater inequality that’s occurring in our nation”.

Ms Palaszczuk said the surging cash rate inflicted by the Reserve Bank of Australia meant household budgets were being squeezed at a rate she had “never seen anything like”.

“We have to get to the root cause of that – what is actually causing it and what is driving it?” she told local ABC radio in Cairns ahead of regional parliament sitting in Queensland’s far north this week.

“I hope we’ll see some measures in the federal budget.

“Jim Chalmers is saying that there is going to be more cost-of-living relief for people but I absolutely acknowledge it is very difficult out there for people at the moment.

“The Reserve Bank continuing to increase those interest rates – I’ve never seen anything like it.

“I don’t know how people are meeting their mortgage repayments and that’s adding stress to their family.”

Queensland Premier Annastacia Palaszczuk has taken aim at the Reserve Bank. Picture: Dan Peled / NCA NewsWire

The Premier was also quizzed about the continued scourge of youth crime offending in the far north as the ABC presenter cited another incident overnight of children as young as 12 being involved in a violent attack.

But Ms Palaszczuk again blamed parental failures as a major contributor to the issue.

“What is a 12 year old doing out on the street?” she said.

“Why is the 12 year old not at home, where are the parents?

“I acknowledge it is unacceptable for this to be happening in our state – we have to take strong action.”

The Premier has previously said a new youth detention centre would be constructed in the state’s north and has floated Cairns as a possible location for this.

The Reserve Bank of Australia shocked many with last week’s interest rate hike. Picture: NCA NewsWire / Damian Shaw

She also spoke on Monday morning about the possible creation of a therapeutic detention facility for youths to target the specific issues contributing to why young people offend.

But Ms Palaszczuk did not reveal specifically where these new centres will be built, insisting the details will be announced at the state budget in June.

“Some of these young people have underlying disability issues, they should be diagnosed earlier at a younger age and we’re looking at some measures that we can do that,” she said.

“Some of them have foetal alcohol, some of these young people have mental health issues – these therapeutic centres will be able to give them the support with those mental health issues that they will not have got in previous detention facilities.”

Originally published as Qld cost of living: Premier slams Reserve Bank’s latest interest rate rise