Queensland will record a budget surplus more than three times what was predicted in the June budget, according to the latest economic update from newly appointed Treasurer Jackie Trad.
In her Mid-Year Economic and Fiscal Review on Monday, Ms Trad revealed the operating surplus for the 2017-18 financial year would be $485 million, up from the $146 million predicted in June.
Ms Trad said that was mostly due to an increase in mining royalties.
"These surpluses are working for Queensland, reducing the need for borrowing and going towards our growing infrastructure program; in short, they're growing jobs," she told reporters.
"Almost all of it is from the royalties, but over the forward estimates the revenue measures will be going into ensuring we are paying for our election commitments."
The revenue measures include four new taxes announced by former treasurer Curtis Pitt in the final days of the election campaign, including a luxury car tax.
Ms Trad acknowledged that most of the economic groundwork for her announcement on Monday was laid by Mr Pitt, who has been shifted out of cabinet to the Speaker's chair for this term of government.
Queensland's new Shadow Treasurer Tim Mander criticised the government's approach, saying it was doing nothing to pay down state debt, which is still forecast to hit $81 billion by 2021.
Mr Mander said the government's bumper surplus was down to "good luck, not good management".
"This government is very fortunate that commodities prices have increased and that has meant we've had increased royalties with coal," he said.
"But it continues to spend more money than it raises, and its mantra is tax, tax, tax."
Mr Mander did not specifically outline how the LNP would raise revenue without raising taxes, but said it was important to reduce spending.
Labor has already promised about a billion dollars in "reprioritisation" measures such as removing duplicate services, with the health department quarantined from any such measures.
The MYEFR documents indicate Labor has fully funded its $1.4 billion worth of election promises with the help of about $500 million generated by its new taxes.
Queensland Resources Council CEO Ian Macfarlane said the increase in coal royalties showed the sector was still important to the state.
"This is a massive amount of money which the government relies on and it's also 300,000 jobs underpinned by the Queensland resources industry," he said.
The documents also show economic growth of two-and-three-quarter per cent in 2017-18, building to three per cent in 2018-19.
That is coupled with stronger employment growth of two-and-a-quarter per cent, up from one per cent predicted in the June budget.
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