Abstract. Rapid urbanisation, climate change and unsustainable developments are increasing the risk of floods. Flood is a frequent natural hazard that has significant financial consequences for Australia. The emergency response system in Australia is very successful and has saved many lives over the years. However, the preparedness for natural disaster impacts in terms of loss reduction and damage mitigation has been less successful.

In this paper, a newly derived flood loss function for Australian residential structures (FLFA_rs) has been presented and calibrated by using historic data collected from an extreme event in Queensland, Australia, that occurred in 2013. Afterwards, the performance of the method developed in this work (contrasted to one Australian model and one model from USA) has been compared with the observed damage data collected from a 2012 flood event in Maranoa, Queensland. Based on this analysis, validation of the selected methodologies has been performed in terms of Australian geographical conditions.

Results obtained from the new empirically based function (FLFA_rs) and the other models indicate that it is apparent that the precision of flood damage models is strongly dependent on selected stage damage curves, and flood damage estimation without model calibration might result in inaccurate predictions of losses. Therefore, it is very important to be aware of the associated uncertainties in flood risk assessment, especially if models have not been calibrated with real damage data.