State Treasurer Tim Nicholls is due to deliver the mid-year economic outlook this week. The government has been pointing to better news since last month, when the Treasury report into the state's finances found it was heading to an operating surplus for the first time in five years.

Debt, including that of the government-owned corporations, was sitting at $73 billion and was forecast to reach $80 billion.  Expenses were almost $200 million lower than the financial year before and the fiscal deficit was $2.58 billion, the lowest since 2006-07.

The mid-year economic and fiscal outlook is not expected to differ too much from the latest report on the state's finances.

Mr Newman has been looking forward to 2015, which he said would see Queensland, with an expected economic growth rate of around 6 per cent, become the best economy in the nation.

"Oh look we will be making our own mid-year update, made in the next few days," he said.

"Treasurer Tim Nicholls will be doing that. What I can share with you is that we will, again, as we've promised, deliver a surplus next year.

"For the first time in a decade the state of Queensland and its people will not have to borrow any more money and that's what this government's done.

"Because we made very strong decisions, at times difficult decisions two years ago, we have restored the state's finances to a position of stability and we will still be able to deliver a surplus in financial year 15/16 which is great news, because it reduces the cost of living pressure down the track for Queensland families."

Federally, the news wasn't so great.

Treasurer Joe Hockey announced the Federal Government's deficit was due to hit $40.4 billion, $10 billion more than was expected in June.

Largely to blame are dramatic falls in commodity prices, which led to the biggest drop in terms of trade since 1959, when records began.