Major developers say the effects of ex-typical cyclone Alfred will exacerbate pent-up workforce shortages and productivity problems that mean every project in South East Queensland already costs 20 per cent more than it should.

The slow-moving tropical storm, named Alfred, is on track to bring dangerous winds and flooding along the coast of Queensland and New South Wales, including Brisbane.

Tropical Cyclone Alfred weakened into a tropical low Saturday as it neared Brisbane, Australia, bringing heavy rain and flooding risks to the region, according to officials. Initially expected to make landfall as the first cyclone to strike southeast Queensland since 1974, Alfred's winds dropped to under 39 mph (63 kph) as it shifted inland.

Residents in areas prone to flooding have been urged to evacuate by Australian authorities, according to Reuters. Meanwhile, rapper and actor Ice Cube is currently Down Under at a hotel "on the beach.