Record-setting Tropical Cyclone Maila is heading towards far north Queensland, Australia, a region still recovering from the impact of Tropical Cyclone Narelle just weeks ago.

Residents of Far North Queensland are rapidly preparing for the arrival of a "very destructive" cyclone, as the window for preparations quickly narrows.

Emergency crews in Far North Queensland are preparing for more heavy rain, flooding, and damaging winds forecast for Friday, following a period of wild weather.

Meteorologists are forecasting a severe Category 3 cyclone to hit Fiji, prompting authorities to close schools and universities as a precautionary measure and issue warnings for flash floods.

Australia's Jim Chalmers hints at a concession on the luxury car tax threshold for imports, potentially leading to an EU trade agreement, while far north Queensland prepares for severe weather.

Tropical Cyclone Narelle is projected to become a Category 5 cyclone offshore before making landfall in far north Queensland, with authorities warning it could be the largest system in living memory.