ECONOMISTS have raised their estimates of the economic impact of the flooding, with one central bank board member saying yesterday that the disaster could cut 1percent off growth - equal to almost A$13billion (R88billion), double the previous highest estimate.

Treasurer Wayne Swan in November forecast GDP growth of 3,25percent in the 2010-11 fiscal year, up from a 3,0percent projection, but said spending would be cut to ensure a surplus of A$3,1 billion or 0,2percent of GDP in 2012/13.

Australia exports more than half the world's coking coal, which is used in steel manufacturing, and it is also the second-biggest exporter of thermal coal used for power generation. The coal industry will take weeks and in some cases months to get back to full production.

Food prices are surging around the country as the floods ruin Queensland crops and distribution networks. Prices for tomatoes have leapt about 200percent in two weeks, while beef is up 11percent and wheat has risen 4percent in four months.

Rescue crews took advantage of some rare sunshine to look for 43 people still missing from tsunami-like flash floods that tore through townships west of the city this week.

"Some of the houses have exploded with the force of the water. People have been washed away. It will take days to complete this search and recovery," said Deputy Police Commissioner Ian Stewart.

In Brisbane thousands of homes and businesses were deserted as swirling floodwaters rose in and around the city, forcing residents to flee with a few possessions to higher ground and to evacuation centres crowded with more than 3500 people.

"If you start to see water in your yard, get out. Take your family and get to safety. This water could rise very quickly," said state premier Anna Bligh.