Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten have made separate visits to flood-hit northern Tasmania on Thursday.
Mr Turnbull viewed the surging water of the Tamar River with Tasmanian Premier Will Hodgman and federal Liberal MP Andrew Nikolic, before announcing disaster relief arrangements at Latrobe.
The river has become a foamy bubble bath as water hurtles downstream following two flood peaks.
The prime minister stood on a viewing platform at Home Point on Thursday to inspect the surging water with Tasmanian Premier Will Hodgman and local Liberal MP Andrew Nikolic.
"You must be very relieved," Mr Turnbull told the premier.
A $58 million flood levee, completed last September, has proved a saviour for Tasmania's second biggest city.
"They survived their biggest test," Mr Hodgman said.
Opposition Leader Bill Shorten has been briefed on the flood situation in the north of Tasmania before thanking hard working SES volunteers.
"Australians are quite impressed when they see behind the scenes at what you do," he told some of the volunteers.
"We're very lucky to have you actually."
Flood authority chairman Alan Birchmore told AAP the water is travelling at about at 10 knots, down from the 12 knots at Wednesday's peak.
During the peaks the volume of water was flowing at the equivalent of 2500 utes per second.
Ordinarily it's about two per second, Mr Birchmore said.
Launceston Mayor Albert Van Zetten said efforts to clear muddy sediment in the river over the past few years had contributed greatly to limiting flood damage.
Authorities are thankful the North Esk and South Esk rivers didn't peak at the same time.
Mr Turnbull was told huge livestock losses are expected and some dairy farmers have been unable to milk cows because of flood waters.
Dorset Mayor Greg Howard planted a crop of onions a few days ago and his hard work has been destroyed by heavy rain.
Mr Turnbull flagged disaster assistance is on the way for affected communities.
The prime minister will also visit the flood recovery centre at Latrobe.
Thursday's visit is Mr Turnbull's second to Tasmania during the election campaign.
Grave fears for missing men
An elderly Tasmanian man swept away by floodwaters is feared dead as authorities resume looking for a second missing man.
An uncle of world champion Tasmanian axeman David Foster is feared dead after being taken by floodwaters, and there are grave concerns for another missing man.
Search and rescue crews have been unable to find Trevor Foster, 81, since he was swept away from his Ouse property on Monday morning.
After crews and a helicopter spent a third day looking for Mr Foster on Wednesday, police said it was unlikely the 81-year-old would be found alive.
Authorities were on Thursday to focus on recovery efforts with the help of police divers.
The floods have already claimed the life of a 75-year-old woman after her Latrobe home was inundated on Monday.
A search for another man whose vehicle was swept away by floodwater on Tuesday morning in Evandale was to resume at first light on Thursday.
His partner was plucked to safety by a helicopter.
A helicopter and crews on Wednesday found the van he had been driving but there was no sign of him.
Police were unable to recover the van because of floodwaters.
On Wednesday night residents from the evacuated Launceston suburb of Invermay began returning home after the SES advised the flood threat had passed.
While waters levels in the North Esk River are steady, locals are being urged to remain vigilant.
"It is anticipated that floodwaters will take up to a week to recede," the SES says.
Residents are being urged not to enter floodwater or try to travel through water, whether still or moving, as many unknown risks lurked beneath the surface.
The Bureau of Meteorology has forecast more rain across Tasmania on Thursday, with possible thunderstorms in the north
Roads, bridges and about 200 homes have been damaged by the Tasmanian floods.
The SES has received almost 400 calls for assistance since Sunday.
