The Queensland Government has allocated $A1.5 billion for flood recovery.
The federal government expects to pay $A3.9 billion for the Queensland recovery under a 75:25 sharing arrangement.
The state government says the money will be raised by selling a lease on the Abbot Point coal terminal in the north of Queensland, which is already on the market as part of a privatisation programme.
But a $A7.7 billion cross-river rail project in Brisbane will be delayed by at least two years.
Details were issued on Friday by Queensland Premier Anna Bligh and Treasurer Andrew Fraser in a mid-year update. The ABC reports it was just the start of the impact of the floods on future budgets.
Earlier, Mr Fraser said the state government had ruled out new taxes to cover flood costs, unlike the Commonwealth's plan for a federal levy.
