Premier Campbell Newman has promised $150 million for a new sports stadium in the garrison city.
Labor has already pledged $100 million for the stadium if elected. The stadium project will cost $210 million, with the Liberal National Party's contribution coming from its asset privatisation program.
Mr Newman says the stadium, to be built on the site of rail yards, will help revitalise what the Townsville Bulletin described as the "ratty" south end of the CBD.
"This project will revolutionise Townsville's sport and entertainment facilities and be a catalyst for further urban renewal of old industrial land near Ross Creek," he said.
"It is a long-time plan to rejuvenate the city in the mould of Newstead in Brisbane and Docklands in Melbourne."
Townsville's economy is hitched to one of Australia's biggest army bases and its port.
The Townsville Bulletin reported the city's unemployment rate had been at 10.5 per cent this year.
Mr Newman hopes the stadium will help the economy diversify and offer new jobs.
"The stadium will help turn Townsville around," he said.