Hundreds of Emerald residents are being allowed to return to their homes today as flood waters begin to recede in the central Queensland township.

A new Queensland study has found the benefits of genetically modified (GM) plants and food outweigh any risks.

Federal Opposition Leader Brendan Nelson is calling for a Northern Territory-style intervention in far north Queensland Indigenous communities.

Authorities at Emerald in Queensland's central highlands are keeping a close watch on the flooded Nogoa River which is expected to peak this afternoon.

Queensland Emergency Services Minister Neil Roberts flew into the central Queensland town of Emerald last night to be briefed on the latest flood situation.

Predicted rain will not dampen this year's Woodford Folk Festival in south-east Queensland, Australia, with more than 130,000 people expected at the six-day event, which begins today.

The chairman of the Australian Competition and Consumer Commission (ACCC) says a Queensland Government probe into petrol prices will not clash with a national inquiry.