Treasurer Wayne Swan has also confirmed that the temporary flood levy in place for the 2011-12 financial year would end on June 30.
The levy was introduced after the Queensland floods in early 2011 to help with the reconstruction bill for the state.
Those affected by that disaster were exempted from the levy.
"Earlier this year, more flooding devastated parts of western Queensland and northern NSW," Mr Swan said in a statement.
"I can announce today that those people who suffered flood damage in 2012 will also be made exempt from the levy."
He said the Government understood the hardship many have faced and wanted to assist in any way it could in the recovery process.
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