Some farmers in regions that had struggled through severe drought have even been able to pump water off into on-farm storages, giving them a head start on the next crop, reports The Australian Financial Review.

But irrigators further south - such as the rice growers of southern NSW and the grape and fruit growers of northern Victoria - would like to see more rain in their regions.

For although the downpour has sparked interstate tensions over water sharing, it has done little to improve the storage levels in the main catchments of the Murray and Murrumbidgee rivers.

While some face high costs from the floods, with livestock lost and fencing damaged, the drenching is a boon for many farmers in northern NSW.