Taxes are obviously bad in general and no one likes paying taxes. In principal however, the levy is needed and we all understand that Qld and flood affected areas are a national priority and do require financial help in rebuilding critical infrastructure.
How the levy has been applied (in its current form anyway, its almost surely going to change a bit still) is that if you earn less than $50,000 you don't pay anything, while the higher your income, the more you pay (as it should be).
I personally earn less than $50,000 a year currently (as I imagine most users of this site do also) and thus it won't really affect me.
I agree with user boris in that many of the houses constructed in the past 30 years never should have been allowed and the areas affected should have been more prepared (with the exception of those towns hit by the flash floods which were not as predictable). The last major flood in Brisbane was in 1974, over 35 years ago, plenty of time to plan and prepare. 10 years ago (early 2000's), a hydraulic/drainage engineer at Brisbane Council noted the flood modelling for the area was 1m below the correct height and the one in a hundread year flood would in fact be potentially 1m higher than the flood maps indicated. That is a huge issue that should have been cleared up years ago and have given some warnign to residents in the new affected zone perhaps.
To do what Tony Abbott says though and scrap the NBN to pay for it is ridiculous. It is also rather hypocritical considering Abbott wants to raise the Medicare levy by 1.0% ('great big new tax') to pay for his planned maternity scheme.
So ultimately, I do support the levy. Its only for one year after all and helps those most affected by the recent flooding disasters.