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Some residents have already been evacuated after days of monsoon rains lashed the region around the coastal city of Townsville, in the north of the state, a spokesman for the Bureau of Meteorology said.
Adam Blazak, a forecaster with the bureau, did not say how many people had been evacuated, but added that some areas had reached "major" flood levels.
"Normally a monsoonal burst might last a few days, but this one's been going on over a week now and is set to continue for a few more days as well," he said.
Between 150 mm and 200 mm of rain is expected across Townsville on Saturday - equal to about a month's average rainfall.
Local authorities issued a number of flood warnings on Saturday morning and told residents to avoid using roads and consider moving to higher ground if conditions worsen.
In stark contrast, wildfires in the southern island state of Tasmania have burnt through more than 187,000 hectares of land, fire officials said.
The Tasmanian Fire Service said in a statement on Friday that nearly 600 personnel were working to contain the fires, some of which have been burning for weeks and have destroyed homes.
The statement added that while the last few days have seen favourable conditions for battling the blazes, expected hot and dry weather on Sunday could see bushfires escalate again.
"A number of fires are still volatile and dangerous and fire behaviour can change with little warning," Jeff Harper, the state's Fire Controller, said on Friday.
Australia endured its hottest month on record in January, with sweltering conditions expected to persist through April. That scorching weather triggered power outages in some areas and sent electricity prices soaring.