The LNP will redirect funds from Cross River Rail and other Labor projects to pay for its election commitments, shadow treasurer Scott Emerson said on Thursday as he released his party’s election costings.

The opposition plans to reduce the state’s $81.1 billion debt by $680 million, to $80.5 billion by 2021.

LNP treasury spokesman Scott Emerson releasing his party's election costings. Credit:Jono Searle/AAP

The LNP has promised $4.3 billion in policy initiatives, which include free off-peak bus and train travel for seniors (estimated to cost almost $500 million over forward estimates) and $150 learn-to-swim vouchers for children.

“We are also delivering $1 billion in cost of living and tax relief,” Shadow Treasurer Scott Emerson said.