North Queensland appears set to receive a new sport stadium, with the Coalition confirming it will match Labor's pledge to commit $100 million to the plan.

Prime Minister Malcolm Turnbull made the announcement in Townsville this morning.

Mr Turnbull did not elaborate on how the project would proceed but said the deal would ensure a prosperous future for Townsville.

"It is a radical departure from the way federal governments have approached cities policy in the past," he said.

"This is very much my vision, my government's vision, it's a new vision to ensure that we are much more coordinated with State Government and local government as opposed to simply announcing — giving money for this or that in a rather ad-hoc way.

"All cities, the more progressive cities around the world, are seeking to do something like this."

Mr Turnbull is vowing to deliver the funding within six months of returning to office if a deal is reached with Townsville City Council and the Queensland Government.

He argued the city plan built upon the pledge his party had already made to upgrade the main freight line, at a cost of $150 million.

State Assistant Minister for North Queensland Coralee O'Rourke said it was the news Townsville had been waiting for.

"Unfortunately it's a bit of a shame we've had to wait till the day before pre-polls open to have the certainty of this good news coming from Malcolm Turnbull," she said.

Treasurer and Sports Minister Curtis Pitt flew to Townsville last Friday to announce the State Government would increase its contribution to $140 million.

The North Queensland Cowboys and the NRL will also pour a combined $10 million into the $250-million project.

Townsville Mayor Jenny Hill welcomed the Coalition pledge and she believed the stadium could be finished within the next five years.

"I'm hearing from some of the big companies we've dealt with in the past, that they're very keen to get a portion of this work and they think we can get some really good value for money in the construction of this facility," she said.

The LNP-held electorate of Herbert, which covers most of Townsville, is a key target for Labor at the July 2 poll.

Opposition Leader Bill Shorten made Townsville his camp for much of the first week of the campaign. Labor will be looking to knock off local member Ewen Jones.

The seat is held by a margin of 6.2 per cent.