Queensland's Cubbie Station dam collapses, flooding paddocks

Sources have confirmed the unfolding situation at Australia's largest irrigated property.

An aerial photo posted on Twitter on Monday night, which has since been taken down, appeared to show a sea of yellow modules scattered over the property.

It is unclear what caused the dam to collapse or how much water was released.

Cubbie Ag properties are located near Dirranbandi and St George in South West Queensland, with a total holding of 93,000 hectares and 22,000 hectares of irrigated cropping fields.

The station's enormous water storages stretch for almost 30 kilometres of the Culgoa River at the top of the Murray-Darling catchment.

The station has irrigation entitlements approaching 500,000 megalitres.

The properties can produce more than 250,000 bales of cotton in full production years or, alternatively, produce a wide variety of irrigated agriculture including wheat, sorghum, sunflowers, barley, chickpeas and corn.

In February, an agricultural fund managed by Macquarie Asset Management took full control of Cubbie, buying Chinese-led textile giant Shandong Ruyi's stake (51 per cent) in Cubbie Station, associated properties and cotton ginnery.

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Prior to the takeover, the fund and Ruyi entered into an agreement in 2019 to jointly own Cubbie Station, with the fund retaining 49 per cent.

Ruyi bought Cubbie in 2012 for $232 million.

Macquarie declined to comment.