According to the Bureau of Meteorology's Tropical Cyclone Outlook, a developing tropical low is located near Vanuatu and is expected to intensify further and become a tropical cyclone within 12 to 24 hours. This system is expected to move slowly westward (i.e. towards Australia) during the weekend.
The current Mean Sea Level Pressure Analysis map from the BOM show the cyclone called 'Ului' heading in a north-westerly direction. However, the current synoptic maps at Weatherzone show the cyclone called 'Paul' approaching the Central Queensland coast towards the end of next week.
Our friends at queenslandonline.net have been Twittering (@qldonline) information from the weather models (including the US Navy) that the cyclone would cross land on Friday evening or Saturday morning between Mackay and the Whitsundays with wind speeds over 125km/h.
Anyway, from the looks if it the South East corner won't be directly impacted, however it looks like further showers and windy conditions to continue on the Gold Coast.