Queensland will never be in a position to have no debt on the books, Labor Treasurer Curtis Pitt says.
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The state's total debt is forecast to hit a whopping $81 billion by 2020-21.
Asked if there was a figure which marked a "point of no return", where the debt would never be paid off, Mr Pitt said Queensland's debt to revenue ratio was very good and had improved under Labor.
"There is no case in Queensland where you will ever see zero debt, now let's be clear about that," Mr Pitt said.
"We have to ensure that we manage it and make sure that we don't sacrifice the economy in the process."
Premier Annastacia Palaszczuk said paying down debt would always be a priority for Labor.
"It is less than when Tim Nicholls left government, we have actively pursued that," she said.
"But the number one issue, the number one issue, is getting people into work, and getting people into employment, and all of that is at risk, and that is why there is a clear choice when it comes to next Saturday."
Mr Pitt said the current trajectory of the debt had it "heading towards that figure" of $81 billion.
"The forecasts are that it is not going to quite get to that point," he said.
Mr Pitt said Labor would pay down debt using government-owned corporations and by growing the economy.
"We will do that by making sure we still retain ownership of our government-owned corporations which provide a fantastic revenue stream for the people of Queensland," he said.
"Of course we will also continue to grow our economy.
"By growing the economy, you grow the number of people in Queensland, you grow our overall base and it is good news for everyone, that is why our focus is fairly and squarely on creating jobs, you do that, you grow the economy, businesses thrive, individuals thrive, families thrive."
The government has already announced it would use the dividends from publicly-owned energy companies to give Queenslanders a $50 discount off electricity bills.
Mr Pitt said the energy assets' dividends would be used for power bills, but there were also revenue streams from other government-owned corporations.
He said the Queensland economy was in a good position, pointing to jobs growth and business confidence.
Mr Pitt countered the suggestion there would be future raids on public servants' superannuation.
"There was no raid on any super fund, what we've done is use the surplus which has been given our support, to support us by the state actuary," he said.
"In terms of any future that looks at that, that is not something we are contemplating, but of course, we need to look at everything in the future under the re-elected Labor government."
Mr Pitt said Labor's promises would be fully costed and released before the election, which will be held in just five days' time.
LNP leader Tim Nicholls has previously stated his party would "stabilise" debt.
On Monday, Mr Nicholls said he had made it clear that under the LNP the debt level would be managed.
"We've said the idea is to target the fiscal balance, that is to make sure that over the economic cycle ups and downs that you keep your expenditure under control compared to your revenue," he said.
"I think people of Queensland know that the LNP will always manage finances better.
"I think people know that when it comes to wasting money, Labor is the experts. When it comes to managing finances it's the LNP that delivers."
- with Ruth McCosker
