It has spent the past three months intently discussing the state's debt in household budget terms, as it laid the foundations for the argument to sell assets to pay down the "$80 billion black cloud of Labor debt" at the next election. But in recent days, the agenda has shifted to flood mitigation for Brisbane and Ipswich and how asset sales could help make it a reality.

Mr Nicholls has spoken enthusiastically about both paying down the debt - the commission of audit recommended a reduction of $25 billion - as well as needing to find new ways to fund infrastructure such as "schools, roads and hospitals".

But it is the need to reduce the debt and deficit and cut the state's interest payments, - $4 billion a year - so the "long term vision can be delivered", which has remained the key message.

In February, Mr Nicholls equated the state to a growing family with a mortgage, credit card and two cars, in need of renovating the family home.

"We have a huge mortgage, over $80 billion, the credit cards are maxed out, a deficit of $7.6 billion, we have disposable assets, cars, we have gone without the renovations but that can only last so long and we know we have to educate the children," he said.

"In fact, as a government we know we have millions of Queenslanders needing education, health and social services."

That led to the "tough choices" roadshow Mr Nicholls embarked on last month, travelling to communities and spelling out the choices - asset sales, increased taxes, reduced services, or a combination of all three.

On Wednesday, Mr Newman announced the government's flood mitigation proposal, which included building up to eight new dams and raising the Wivenhoe Dam by 8 metres.

He said if Queenslanders agreed to the plan, building it would require an examination of those "tough choices".

"I think you'll see if you look at the Treasurer's comments, he's been very clear, he wants to do both things.  We can't stop building infrastructure, but this is something that Queenslanders need to engage in," he said.

Last Friday, the federal government announced a plan offering the states access to an "asset recycling funding pool" if they agreed to sell assets and funnel the money back into building infrastructure, instead of debt reduction.

But Opposition Treasury spokesman Curtis Pitt said asset sales were not the "magic pudding" they had been painted to be.

"The LNP can't have it both ways," he said.

"They're either selling assets to pay down debt or they are selling assets to fund their future election promises," he said.

The government has not given any indication on how money raised from potential asset sales would be split between debt reduction and infrastructure building.

It plans on releasing the proposal it will take to the election in June.