Cyclone and flood watches for Queensland's southern coast have been cancelled but category one Oma will still cause abnormally high tides, dangerous surf and damaging winds.
The huge cyclone is moving slowly southwards but expected turn back in a northerly direction on Saturday and remain offshore, the Bureau of Meteorology says.
BoM state manager Bruce Gunn says Oma is expected to re-intensify to category two strength and stay that way for a while.
"We will certainly continue to keep a close eye on this cyclone, until it no longer poses a threat," he said on Friday afternoon.
"The main impacts are damaging winds along the coastal fringe and big seas, well into next week."
Waves of three to four metres have been seen along the Sunshine, Gold and Tweed coasts with offshore waves higher than 10 metres.
Beaches are closed and people are being warned against rock fishing, boating, swimming and surfing.
"We don't want to put other people's lives at risk to save you so please keep off our beaches this weekend," Premier Annastacia Palaszczuk said on Friday.
Gold Coast Mayor Tom Tate warned high winds will affect the hinterland throughout the weekend.
"Ironically, given there is little rain in this system, we are conscious of potential fires."
Fuel loads in the Springbrook area are high following dry conditions over the past months, he said.
A severe weather warning covers the exposed coastal areas from Fraser Island to northern NSW.
Significant erosion to the coastline is being forecast.
Australian Associated Press