The flood levy was a temporary reconstruction tax that will fund the reconstruction of Queensland, Australia, following the 2010–2011 Queensland floods. The proposal passed Parliament on 22 March 2011. This levy will apply to everyone who has a taxable income of more than $50,000 a year, and will come into effect from 1 July 2011. Preliminary estimates, following consultation with the Queensland Government, have concluded that the Commonwealth Government will have to invest in $5.6 billion, in rebuilding flood-affected regions. Two thirds of that price will be delivered through budget cuts.