A new report says Queensland's financial sustainability has declined over the past five years.

While the Costello audit has garnered most of the attention lately, the Queensland Audit Office has completed its own assessment of the state's finances.

Tabled in Parliament today, it finds the state's financial sustainability has declined, with net worth dropping by $11 billion last financial year.

The report warns that continuing net operating deficits are unsustainable.

The audit also identifies a number of financial risks for the future, including the work necessary to repair infrastructure damage caused by natural disasters.

It points to the cash outflows required for public private partnership agreements, as well as to a guarantee to cover any budget shortfalls for the 2018 Gold Coast Commonwealth Games.