Mid-year review reveals surplus still on the cards for Queensland

Queensland's treasurer is set to outline the state's mid-year budget review after promises a return to surplus is still on the cards.

Tim Nicholls said there would be a fiscal surplus of $862 million in 2015/16 when he handed down his third budget in June.

Premier Campbell Newman said this week the promise of a surplus would still stand when Mr Nicholls handed down the review today.

"We will still be able to deliver a surplus in the financial year of 2015/16, which is great news because it reduces the cost-of-living pressure down the track for Queensland families," Mr Newman told reporters on Monday.

Mr Nicholls will also give a clearer indication of the state's debt position.

In June, Mr Nicholls spoke of a budget deficit of $2.271 billion in 2014/15, which blew out from the $664 million forecast in last year's December mid-year review.

The blowout was blamed on a $626 million royalties write-down due to lower coal prices, a $179 million drop in tax revenue, and a $947 million fall in Commonwealth disaster payments.

The June budget sparked controversy when Mr Nicholls revealed the government would reduce the state's debt by selling or leasing some government assets.