The money is dependent on the LNP winning the election, with the money coming from its privatisation and asset leases agenda.

But with Labor also committing $100 million if it won the election, Townsville is in a strong position to get its long awaited new home for the Cowboys.

The Townsville region is a key battleground for both parties.

The LNP holds three seats, but both Mundingburra, held by minister David Crisafulli, and John Hathaway's seat of Townsville are seen as shaky, with Labor keen to pick them up.

The stadium will sit at the southern end of the city's CBD and act as an entertainment precinct and stadium.