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The disaster has already claimed three lives in Queensland: a motorcyclist whose body was pulled from a creek south of Brisbane, an 81-year-old man whose body was found near Bundaberg, and a 27-year-old man who tried to cross a flooded creek near Gympie.
Both Queensland Treasurer Tim Nicholls and his federal counterpart Wayne Swan have said the disaster will impact budget bottom lines.
"(The damage is) obviously going to be in the tens, and more likely the hundreds of millions of dollars," Mr Nicholls told AAP.
Premier Campbell Newman and Water Supply Minister Mark McArdle announced controlled releases from Brisbane's Wivenhoe and North Pine dams on Friday as a precautionary measure.
Premier Campbell Newman and Water Supply Minister Mark McArdle announced controlled releases from Brisbane's Wivenhoe and North Pine dams on Friday as a precautionary measure.
About 41,000 megalitres will be released from Wivenhoe Dam and about 8000 megalitres from North Pine.
Advertisement Mr Newman conceded the dams were able to withhold predicted falls but he did not want to take any chances.
Residents are being evacuated from towns in northern NSW as floodwaters isolate communities while severe weather drenches Sydney with more on the way.
About 2000 people were cut off in the state's drenched north on Monday afternoon, with about 850 people isolated at Ewingar, west of Lismore, and 400 at Darkwood, on the Bellinger River.
At 4.30pm (AEDT) flood warnings were in place for eight NSW river systems, the Bureau of Meteorology advised on its website.
In Lismore, the NSW State Emergency Service (SES) is doorknocking homes and 500 residents are being evacuated, with the Wilsons River at a height of 9.7 metres.
Meanwhile, in Grafton, more than 1500 people are expected to be evacuated on Tuesday as the Clarence River continues to rise.
THE wild weather on Queensland's southeast coast has whipped up more than the swell, with layers of ocean foam blanketing some roads and parks on the Gold and Sunshine coasts.
Gold Coast holiday-maker Lionel Armitstead says the white froth has come up the foreshore at Burleigh Heads and is covering pedestrian paths and picnic areas.
In some places the suds are up to one metre high. "It's like a snowstorm," he told AAP. "The kids are up to their shoulders basically ... I've never seen anything like it."
Although temperatures around the country have receded this week, many Australians no doubt are still having fever dreams of their country's recent skull-boiling weather. The past four months have been the hottest ever recorded on the continent, with a new countrywide high temperature on January 7 busting the mercury bulb at 104.6 Fahrenheit. (It wasn't much better that night, with A/C units struggling to compensate for 90.3-degree heat.)
More than 2500 people around Grafton in northern NSW have been ordered to evacuate their homes amid fears that river peaks may cause record flooding and inundate properties.