Queensland’s Liberal-National opposition has revealed the cost of its election pledges as $7.1 billion, offset by a swath of spending cuts – including the omission of funding for a green energy promise – that are forecast to do almost nothing to rein in rising state debt.

The promises come in significantly lower than Labor’s $9.7 billion spendathon during the campaign, but leave the state’s debt as forecast in the budget virtually unchanged over the next four years amid warnings Queensland’s credit rating is under threat.