On 24 January 1974, torrential rain and record breaking floods were a direct result of Tropical Cyclone Wanda, which crossed north of Brisbane.

Record flooding occurred in the Bulloo, Paroo, middle and lower reaches of the Flinders, Norman, Gilbert, Cooper, Diamantina, Georgina and Eyre rivers and creeks as well as Nerang, Brisbane City metropolitan, upper Brisbane, Bremer, Warrill and Logan rivers. By 29 January the Brisbane area had recorded 900 mm of rain. Brisbane also received 314 mm of rain in a 24 hour period surpassing the previous record established in 1931.

Six thousand houses were inundated by flood waters, where 56 were either completely destroyed or deemed uninhabitable. There was widespread damage to infrastructure including roads, railways and bridges as well as power lines, resulted in serious power failures throughout the affected regions. Business and industries sustained millions of dollars in losses due to heavy deluge.

The Insurance Council of Australia estimated the 1974 damage at $68 million, with the 2011 estimated normalised cost of $2645 million.