LNP Leader Deb Frecklington said Standard and Poor's latest credit outlook had once again confirmed the Palaszczuk Labor Government had no plan to restore Queensland's AAA credit rating.
"We are hanging on by our fingernails to our current rating," Ms Frecklington said.
"Labor have got us in deep trouble. There are $83 billion reasons to be worried.
"Increasing debt and public service employee costs have been flagged as concerns that could further lower Queensland's already tarnished credit rating.
"The Palaszczuk Labor Government have no plan to restore Queensland's AAA credit rating and debt continues to increase year after year."
LNP Shadow Treasurer Tim Mander said Labor had broken their own fiscal principle, ensuring Queensland is further away from regaining its AAA credit rating.
"By breaking their very own fiscal principle of lowering the general government debt to revenue ratio, Labor has shown they clearly can't manage Queensland's budget," Mr Mander said.
"Queensland lost its AAA credit rating under Labor and Annastacia Palaszczuk's addiction to spending and growing debt could see another downgrade.
"With forecasts of declining commodity prices and mining royalties, Queensland's finances under Labor are entirely unprepared for the future.
"Queenslanders are already being billed for $3.7 billion in interest a year, that's over $10 million a day and a credit downgrade will cost Queenslanders even more.
"Sadly, it is our children and grandchildren that will have to pay for Labor's economic mismanagement."