From November 3, tickets for all trains, buses and ferries will drop five per cent, and fares will be frozen in 2015.

Transport Minister Scott Emerson told Fairfax Radio 4BC 22,000 people took part in its two-week survey on fares earlier this month.

"We put up two options to people – a five per cent cut in fares or 1000 additional services," he said.

"[In the survey] 74 per cent of people, a very clear vote, said to cut fares by five per cent."

Mr Emerson said commuters had been "hurting" after fares rose 52 per cent in the last three years of the previous Labor government.

He said fare increases from 2016 onwards would be kept below the consumer price index (CPI).

"We've budgeted for a 2.5 per cent increase, that is below CPI, and that's what would happen in the future," Mr Emerson said.

"We will not be going back to the bad old days of 15 per cent [annual] fare increases."

Premier Campbell Newman said his government was delivering cost of living relief.

"What this means is that a mum or dad travelling to work in the Brisbane CBD from the Gold Coast will save more than $297 a year, or nearly $2000 compared to what they would have paid under Labor," he said.

Opposition leader Annastasia Palaszczuk said the move was an election sweetener and the government planned to privatise the network.

"What we'll see after the election is massive price increases, huge burdens on families, because this government wants to sell off our rail and bus network," she said.

"It's in the Costello report, the government has accepted this recommendation, and Campbell Newman can say anything he wants before the election, but Queenslanders are smarter and we know his true agenda."

An audit report by former federal treasurer Peter Costello in 2012 expressed concern over Queensland's debt levels and recommended big spending cuts and outsourcing in numerous service delivery areas.

Robert Dow, from public transport advocacy group Rail Back on Track, said the five per cent fare reduction would see Zone 1 GoCard fares drop from $3.53 to $3.35 in peak travel times, and from $2.83 to $2.69 off-peak.

Zone 2 GoCard fares would decrease from $4.14 to $3.93 at peak, and from $3.32 to $3.15 off-peak.

"We're grateful for small mercies and a cut's a cut," he said.

"But we need to look at proper network and fare reform if we're going to have a sustainable public transport service in the long term."