Brisbane is set to face the worst floods to hit the region in a century, according to the current Premier of Queensland, Anna Bligh.
Residents are bracing themselves for the worst as they are forced to evacuate their homes and leave the city.
To date, the Queensland floods have claimed 14 lives and more than 70 people are still missing.
Brisbane is predicted to see more than 9,000 homes inundated when the its river peaks at 12ft on Thursday.
An estimated 2 million Brisbanites will be affected by the severe flooding which will inevitably affect food costs and taxes. The state will struggle to rebuild regional towns and support its farmers who have seen, not only their homes, but their entire livelihoods washed away.
On Tuiesday Australian Prime Minister Julia Gillard warned:"The nation does need to brace itself for the fact that the death toll as a result of yesterday's flash flooding and walls of water, is likely to rise," she said.
Pledging her support, she said:"We will continue to provide the support of the Australian Defence Force and I have made it very clear to Premier Anna Bligh that any resources she needs from the Australian Defence Force will be made available to the people of Queensland to assist them during this very difficult period."
Police have urged residents in low-lying areas of Brisbane to evacuate and move to higher ground.
It has already been estimated that severe flooding in the state's north could cost mining companies $2 billion in lost production. Many of those affected in regional areas are farmers.
Sandbags are being distributed to people who live in the most vulnerable areas. Thousands of people have followed advice to leave their homes.
The floods are the result of heavy rain caused by Tropical Cyclone Tasha. It is expected that the adverse weather conditions could last until March.