Flooding that began in November continues to swamp Australia, leaving a path of death and destruction.

As waters reach record heights, the crisis is expected to cost Australia more than $3 billion in lost farming and damages of natural resources.

The flooding has destroyed more than 35,000 homes and businesses, claiming the lives of more than 30 residents. Hundreds of homes still face threats and rivers are expected to reach their highest peak in a century.

Australia State Emergency Service spokesman Lachlan Quick said the recent floods are one of the nation's most expensive natural disasters ever.

"Words really cannot express what the people of the Lockyer Valley are feeling at the moment," local parliament representative Scott Buchholz said. "(They) are emotionally fragile yet display a bravery that is remarkable."

The floods, linked by some scientists to global warming and rising sea temperatures, could shave off nearly $13 billion in economic growth, according to a central bank board member.

"Three-quarters of the town is still under water," said local resident Gary Tonkin.

Australia's southeast towns and the city of Brisbane are still under a flood watch.

Water levels aren't expected to recede before next week.