Labor says it will rely on the profits of public assets that the Newman Government wants to sell to help pay down the state's debt.
Shadow Treasurer Curtis Pitt announced on Friday the fiscal strategy Labor will follow if it were to be elected in Queensland's January 31 poll.
Mr Pitt said Labor would maintain a net operating surplus, pay down general government debt of $46 billion and strictly manage borrowing.
It would also maintain competitive taxation and target full funding of long-term liabilities such as superannuation and WorkCover, he said.
But central to Labor's fiscal strategy is the establishment of a "debt-reduction trust".
"(It) will quarantine two-thirds of the returns from the income-earning assets proposed for sale," Mr Pitt told the public policy think-tank TJ Ryan Foundation on Friday.
He said the trust would pay down $5.4 billion of general government debt over six years and $12 billion of debt over 10 years.
Labor has been vehemently opposed to the Liberal National Party's (LNP) plan to long-term lease assets since it was left with just seven seats in the state's 89-seat parliament after the 2012 election.
Mr Pitt has also accused the LNP of misleading voters about how much state debt there has been and how much revenue the state would raise through asset sales.
Opposition Leader Annastacia Palaszczuk described the LNP's privatisation plans as a "one-time sugar hit" to help fund expensive election promises.
She said Labor was purposely spending modestly during the campaign.
On Friday, Labor had promised $441 million in funding during the campaign so far, while the LNP had pledged more than three times as much at $1.47 billion - mostly made up of huge infrastructure projects.
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