Aside from leveraging corporate donations, the federal government said the taskforce would also use its expertise to help business recovery and rebuilding efforts.

“The taskforce will play no role in directing government funding or managing the government’s response to the floods disaster,” the government said.

“Instead, it will play the important role of helping to drive the involvement of a key sector of Australia in supporting Queensland at this difficult time.”

The taskforce is chaired by federal Treasurer Wayne Swan and will meet Prime Minister Julia Gillard next week.

Members of the taskforce include trucking magnate Lindsay Fox and former Queensland premier Wayne Goss, who is now chairman of Deloitte Touche Tohmatsu.

While there will not be a Royal Commission inquiry into the flooding disaster, Queensland Premier Anna Bligh said the state government inquiry would have its powers.

The management of the Wivenhoe Dam before the flooding of Brisbane, Ipswich, Toowoomba and the Lockyer Valley is expected to be scrutinised.

An interim report is expected in August and the final report is due in January 2012.

“The last three weeks have been truly shocking for all Queenslanders and now is the time to forensically examine the devastating chain of events and the aftermath,” Bligh said yesterday.