The Queensland Floods Commission of Inquiry on Friday handed down its final report, which has opened a door to class action by flood victims.
The report says the manual on how to operate Wivenhoe Dam, west of Brisbane, was breached before last January's floods.
Mr Newman, who was Brisbane's lord mayor at the time, says he's pleased the commission acknowledged Brisbane City Council under his leadership.
He does not believe the report exonerates the state government.
"I'm not actually seeing quite that way, there's obviously legal issues now surrounding the operation of the dam and if I become premier I will have to deal with that," he told reporters.
"If (dam operator) Seqwater has a case to answer over the dam, that's a case the state government has to answer."
Mr Newman said he had "no quarrel" with the findings that Premier Anna Bligh and Water Minister Stephen Robertson had acted reasonably.
But if the LNP was in government, ministers would be held more accountable.
The LNP has committed to implementing all of the report's recommendations if it wins next Saturday's election.
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