The CBD has so far recorded 47mm, while 50.4mm has fallen in Moorabbin and a whopping 66mm at Melbourne Airport.
The steady downpour since yesterday morning led to motorists becoming rescued this morning after they were trapped driving through floodwaters at the York Street underpass in South Melbourne.
There are major delays on roads, trains and trams in the city.
The Hurstbridge rail line is closed between Heidelberg and Clifton Hill due to flooding across rail lines.
Melbourne has now reached its March rainfall average of about 50mm in just five days.
Queensland's far south-west has recorded 100mm with more rain forecast.
During the 24 hours to 9am yesterday, some places received their highest daily rainfall in several years. Birdsville (67mm), Boulia (78mm) and Thargomindah (70mm) recorded their heaviest rain in six-to-nine years.
Some dams in regional NSW are also set to be topped up with a similar amount of rainfall.
Fowlers Gap - about 100km north of Broken Hill - reported 120.8mm of rain during the 24 hours to 9am yesterday, the town's highest daily total in at least 50 years.
Elsewhere in the state, Wilcannia (45mm) and Menindee (16mm) picked up their highest daily total in just under a year over the same period.
But the downpour in inland areas has also caused flooding forcing the closure of roads in the Northern Territory.
Heavy rain is also forecast to continue in capital cities in eastern states today.
Weatherzone forecaster Ben Domensino says the weather system will cause more widespread rain and thunderstorms over large parts of eastern and southeastern Australia today and tomorrow.