Cyclone track maps could be issued by the Bureau of Meteorology (BOM) as early as Saturday evening, which would mean a cyclone could develop off the Queensland coast within 24 hours from then.
The tropical low in the Coral Sea is forecast to strengthen into a cyclone over the weekend and may track south south-westerly towards the Queensland coast.
Premier Steven Miles said the state's disaster committee had met with the bureau.
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BOM senior forecaster Felim Hanniffy said the big question is still whether the cyclone crosses the coast, and if so, where.
"The area [it could cross] includes parts of the coast from Cooktown down to Mackay, inland towards Tennant Creek in the Northern Territory and all the way east to almost New Caledonia," he said.
"So that gives you an idea, 80 per cent of the models predict that the low could be anywhere within that area by Thursday."
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A severe tropical cyclone is a category three system.
That means winds above 165km/hr, Mr Hanniffy says.
"A lot of models suggest that this system could form into a severe tropical cyclone, that's with wind gusts in excess of 165km/h. So a severe tropicle cyclone system, or more, possible with this system."
That's where we'll leave our live coverage for today.
There's a chance of storms today in the state's south-east, and let's not forget high humidity, Mr Hanniffy says.
"With the south-east, along with the storms today the humidity is another factor and that's obviously giving a lot of energy to the storms," Mr Hanniffy says.
"Although the shower activity will continue it will be more isolated into the weekend."
A cyclone wouldn't have to cross the coast for us to feel its impact, says Mr Hanniffy.
"Certainly [there's] a risk that we start to feel the effects of this system along the Queensland coastfrom either later Tuesday or early Wednesday next week, just depending how the system evolves.
"Even if it does approach the coast and remains offshore it's still likely to have a significant effecton wind and swells and seas and even rainfall along that east coast."
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He said some modelling suggested if it did cross the coast, it could do so as a severe cyclone, which would mean wind gusts of more than 165km/h.
There is a significant risk the system may impact the Queensland coast from Wednesday.
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The slow-moving system is gaining strength offshore and continues to track south-westerly. There is the possibility it will turn away from the Queensland coast.
BOM modelling shows a significant risk of a severe tropical cyclone developing by Sunday.
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Much of Queensland is still recovering from recent severe weather, from wild storms in the south-east and the aftermath of Tropical Cyclone Jasper in the Far North.
The bureau is also monitoring the slow-moving Tropical Cyclone Anggrek, west-north-west of the Cocos (Keeling) Islands.
It's not expected to impact the Australian mainland, and even if it does begin moving eastward towards the WA coast, it's likely to weaken into a tropical low.
Risk of flooding
Severe storms are forecast again on Friday, with heavy to locally intense rainfall likely in inland south-east Queensland, including the Wide Bay and Burnett.
The bureau has warned of possible flash flooding with storms possible in parts of southern, central, western and Far North Queensland.
Meanwhile, widespread heavy rainfall overnight across the Warrill Creek catchment meant rainfall totals of up to 73 millimetres since 9am Thursday.
BOM has warned rapid creek rises are possible along parts of the Warrill Creek catchment, which stretches from southern Ipswich to Boonah.
Moderate flooding is occurring along the Warrill Creek at Harrisville and minor flooding is likely at Amberley on Friday.
A flood watch is also in place for Cape York Peninsula and parts of the Gulf of Carpentaria with moderate flood warnings for the Bulloo River, Herbert River and Paroo River.
Minor flood warnings are in place for the Barron River, Barcoo River, Cooper Creek, Daintree River, Tully and Murray rivers and the Diamantina River.