The Balonne River was already at a record 13.26 metres at 1pm (AEST) on Saturday and the weather bureau has predicted it could peak at 13.5 metres tonight
About 40 of the town's 2800 residents have been displaced from the flooding already and have moved to a make-shift evacuation centre at the showgrounds.
Prime Minister Kevin Rudd today expressed his support for victims of Queensland's floods, saying the thoughts of all Australians were with those affected, while announcing relief measures.
Several towns in southwest Queensland have been left isolated and thousands left homeless as river levels continue to rise.
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"Many people in Queensland are suffering from these extraordinary floods," Rudd told reporters in Melbourne on Saturday.
"Many people are frightened for themselves, for their homes, for their families.
"It's times like this when the Australian family always bonds together to help those under particular need and particular challenge because of natural disasters."
He said the government was providing support to the Queensland government through the national disaster relief and recovery arrangements.
He said all local government areas were eligible for funding assistance, including for restoration of essential public assets.
Concessional loans of up to $250,000 for small business and primary producers affected were available, Rudd said.
Residents head to higher ground
Thousands of residents in St George have moved to higher ground ahead of a predicted record flood along the Balonne River late on Saturday night.
The gauges used to measure the river's height are under water and the Bureau of Meteorology says the river is expected to rise to 14 metres - the highest since recordings began in 1890.
A state of emergency has been declared and an army of 70 SES workers were being flown into the area, along with 4000 sandbags.
An emergency evacuation centre has been set up at the showgrounds and many people are staying at the evacuation centre already. Many more are expected on Saturday.
Meanwhile, a small number of residents of Eulo township, west of St George, have left their homes ahead of an expected record 6.5-metre peak along the Paroo River on Friday night, and into the weekend.
The flood peak will extend downstream to the Caiwarro and Hungerford areas later in the weekend.
In Roma, north of St George, about 500 homes are flood-affected, 200 of them with flooding above the floorboards.
Flood waters are easing in the town with the clean-up continuing again on Saturday.
The clean-up is also under way in Charleville, where the water level of Bradleys Gully - which runs through the town - has fallen slightly.
