The extra $1 billion cash splash will go towards building 5,600 new social and affordable homes by 2027, in a bid to tackle the housing crisis gripping the state.
Ms Palaszczuk said, “The very nature of homelessness has changed.”
“Queenslanders who would never have anticipated struggling to keep a roof over their heads are now facing that awful possibility," she said.
“Nothing horrifies me more than the stories we’ve all heard recently of people and families unable to put a roof over their heads, living in tents or cars, sleeping rough, relying on friends or family for a bed, couch surfing, desperately seeking a bed and safety and security for their families.
The Premier said that tackling housing affordability was “not just about more money”.
"This means we'll be able to provide a long-term sustainable source of funding to build new homes for Queenslanders," Ms Palaszczuk said.
"This additional investment also recognises the impact that rising costs of building materials and labour is having on prices right across the construction sector to secure much needed additional supply.
"At the same time our government understands tackling housing affordability is not just about more money, it's also about innovative solutions," she said.
There are currently 46,000 Queenslanders on the social housing register waiting for a home.
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