Former federal government treasurer Peter Costello, in Cairns as part of his commissioned role to review State Government expenditure, has drawn comparisons between Queensland's economic situation and that of European basket-case Greece.

Acknowledging that while the environment in Greece was much worse, he said sustained government overspending leads to lower credit ratings, which in turn can culminate in an inability to access more money from lenders.

Mr Costello said the former Labor government lacked financial discipline and were sent a strong message from Queenslanders at the last election that they did not like the direction the state was heading in.

"Queensland has to get its expenses under control. For many, many years the government was spending money it didn't have and it has racked up a huge debt. Its credit has been downgraded, its interest bills has become its fastest growing expense, it has to get its house in order."

He clarified his role was not to write economic policy for the Newman Government, but deliver a report on government owned corporations in sectors such as ports, rail, electricity, and water.

He said work needs to be undertaken in two stages to return to the State to economic health.

"Stage one is to prevent the situation getting worse and that will take the next three years. Stage two is to try and repay some of the debt, which will take years after that.

"The road to waste to place over a decade, the road back will take at least half a decade.

"It's going to be a long road to get Queensland under control but it can be done, and when it is done it will be a much for vibrant and confident State as a result."

Queenslanders prepared to pay a fee can have a briefing with the architect of the LNP’s budget audit while the government continues to refuse to open the books to the State Opposition.

Pictured: Peter Costello addresses a attendees to a breakfast in Cairns on Thursday morning.

Meanwhile, Shadow Treasurer and Member for Mulgrave, Curtis Pitt, has called into question the LNP’s audit into the State’s finances.

“What Mr Costello is doing is touring the state on a pay-for-access roadshow, charging Queenslanders $45 each for the privilege while at the same time he refuses to brief Opposition MPs,” Mr Pitt said.

Mr Pitt said Opposition Leader Annastacia Palaszczuk had written to the audit commission itself seeking a briefing directly by the three commissioners.

“That request was rejected and that shattered any notion that the Costello audit is independent.

“As an active Liberal Party operative, Mr Costello’s position as head of the audit has always compromised and tainted its workings and its findings.

“I would like to know if the other two commissioners share Mr Costello’s and Mr Nicholls’s view that an independent commission should not brief the democratically elected Opposition.”