The floods in the major resource state of Queensland, which have swept through an area the size of South Africa, and overnight in 46 towns in Victoria state would not delay a promised return to surplus in 2012-13, Mr. Swan said.
But the huge rebuilding and cleanup cost could force difficult spending cuts.
The estimated cost of rebuilding the worst hit Queensland state alone stood at A$10 billion ($9.8 billion), The Australian newspaper said on Monday, and the damage bill was rising fast as record flooding moved south to northern and western Victoria.
