The analysts who audited former federal treasurer Peter Costello's report on Queensland's finances have accused the Newman government of hiding his latest document.
The Liberal National Party hired Mr Costello, Dr Doug McTaggart and Professor Sandra Harding to offer independent advice on the state's financial position after a long Labor rule.
The commission's first interim report in June controversially recommended some asset sales and paved the way for the unpopular decision to axe 14,000 public servants.
The interim report also claimed the state was heading towards $100 billion debt if drastic action wasn't taken.
The Queensland Council of Unions hired former professor of accounting at the University of Sydney Bob Walker and economist Dr Betty Con Walker to analyse the report.
They concluded Mr Costello had dramatically overstated Queensland's financial woes, and his audit report was "intellectually dishonest".
Mr Costello, Dr McTaggart and Prof Harding defended themselves and said the Walkers' document made no substantive findings against either the methodology or conclusions.
The commission gave the government its second interim report on November 30, but it will not be made public.
The Walkers say it is being withheld because it will have more controversial news.
It may possibly recommend the sell off of the state's electricity providers, job cuts in government-owned corporations, and further service cuts in education and health.
"Obviously the response the first report was so negative, they're not keen to have the same round of negativity," Ms Walker told AAP.
"It sounds to us that it's such bad news, that they are hiding the report."
Ms Walker also said that if the commission was fully independent, Mr Costello would make public the latest report and called on him to do so.
The commission's final report is due in February.
Queensland Treasurer Tim Nicholls says the government never intended to release the second interim report in 2012.
"We want time to consider the interim recommendations before the final report is released in February," he said in a statement.
"Claims made by the union and the Walkers that we have something to hide are ridiculous.
"The final report will be released to the public, just as the first interim report was."