Liberal leader Jeremy Rockliff 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 vote of no confidence against the premier.
Prominent economist Saul Eslake had been preparing a report on viable opportunities to sell government-owned businesses to support the state's troubled finances.
Mr Rockliff has now put a stop to that work.
"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" regardless of the latest statements from the premier.
"They didn't take it to the last election and they tried to sell Tasmanian assets," he told reporters in Hobart on Saturday.
"So they will try to do it again, and the only way to stop them is to not vote for them."
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.
Analysts tip an unpredictable campaign given the nature of the political drama, with candidates from the federal election in May adding another dimension.
Ex-federal Liberal MP Bridget Archer is viewed as a likely candidate in Bass should Mr Rockliff hang on.
Anti-salmon independent Peter George, who ran Julie Collins close in the safe federal seat of Franklin, told AAP he was considering his options.
Opposition leader Dean Winter moved the no-confidence motion due to the state budget, which included ballooning deficits and debt forecasts and the proposals to privatise state assets.
However, it's the stadium that looms as the biggest issue.
Veteran political campaigner Brad Stansfield, who has worked on the Liberals' last four election wins, said it would be issue No.1.
"At the last election ... we mostly kept it hidden from the campaign," he said on his FontCast podcast.
"This campaign is going to be the referendum on the AFL stadium that we haven't yet had. It is coming like a steam train."
The roofed Macquarie Point stadium is a condition of an AFL licence, with the state government responsible for delivery and cost overruns.
But recent polls suggest Tasmanians are not sold on the need for a new stadium.
Labor and the Liberals support the stadium, but Mr Stansfield said Mr Rockliff would be the one to pay the electoral price.
"If you don't like the stadium, you will vote against the Liberals," he said.
Roland Browne, spokesperson for the anti-stadium Our Place group, told AAP they would campaign if there was an election.
Mr Browne said he could see a scenario where one or both of the major parties would join the Greens in opposing the project.
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