"Our budget has a sensible pathway to surplus without selling any assets," Jeremy Rockliff told reporters at the Transend substation in Devonport on Saturday.
Pressed for details, he spoke of a "right-sized public service" and other efficiencies to save money, and drew a line through new taxes and cuts to infrastructure spending.
The premier has ruled out privatisations in an attempt to diffuse opposition attacks, with the possibility of selling some government entities among Labor's reasons for moving a successful vote of no confidence against the state's leader.
Prominent economist Saul Eslake had been preparing a report on viable opportunities to sell government-owned businesses to support Tasmania's troubled finances.
Mr Rockliff has now put a stop to that work and promised legislation ensuring any sales would need two-thirds majority support in parliament.
"Labor has forced this early election on the deceitful campaign that our government intends to divest government-owned businesses - before Mr Eslake's work is even completed," he said on Saturday.
But Labor shadow treasurer Josh Willie said privatising government assets was "in their DNA".
"They will try to do it again and the only way to stop them is to not vote for them," he told reporters in Hobart on Saturday.
Opposition leader Dean Winter moved the motion of no confidence due to the state budget, which included ballooning deficits and debt forecasts.
The political ructions look to set send Tasmanians back to the polls for the fourth time in seven years unless the Liberal party opts to remove Mr Rockliff and negotiate a new deal with crossbenchers.
An election could be called on Tuesday.
Senior Liberal figures, including Senator Jonno Duniam, are calling the prospect of a snap election "nuts".
"I would have thought every effort should be put into not going to an election ... the people that lose out most in all this - forget the parliamentarians - it's the people of Tassie," he told ABC Radio.
Despite feuding over the state's finances, it's the stadium that looms as the biggest issue.
The roofed Macquarie Point proposal is a condition of an AFL licence, with the state government responsible for delivery and cost overruns.
Labor and the Liberals support the stadium but recent polls suggest Tasmanians are not sold.
Both leaders voiced support for the AFL team when asked if they would give up the stadium to secure backing from crossbenchers opposed to it.
Mr Winter said he remained open to all stadium options including the so-called 2.0 proposal on reclaimed land on the River Derwent.
Roland Browne, spokesperson for the anti-stadium Our Place group, told AAP they would campaign if there was an election.
Firebrand senator Jacqui Lambie, independent federal MP Andrew Wilkie and acclaimed author Richard Flanagan are among well-known Tasmanians to front their cause.
Mr Browne said he foresaw a scenario where one or both of the major parties would join the Greens in opposing the project.
Stadium supporters remain hopeful the Devils, the planned AFL outfit, can win over stadium opponents.
Greens leader Rosalie Woodruff has offered confidence and supply to Mr Winter to form government but the opposition leader has already ruled out a deal with the minor party.
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