From the look of the forcast Cyclone Wati should continue to track down the coast and hopefully not make landfall at all. It could bring waves and some wind, but nothing compaired to what would happen if it hit land.
Here is what the Australian Government Bureau of Meteorology is saying:
Severe Tropical Cyclone Wati should now begin a southward track which will be roughly parallel to the Queensland coast The combination of the cyclone and a large high in the Tasman Sea is expected to produce gales and large seas off the southern and Central Coasts.
Thank God eh?