The models vary a bit with the specifics but the general consensus is that the low will cross the peninsular into the Coral Sea, some hint at intensification to become a TC others have it remain a strong low, then track it close to and parallel with the coast producing very rains for the North and Central Coastal areas.... bring it on !!! (Of course these are just models and things may well change).
Having said that the latest EC model (usually the more reliable one) has the low in the gulf spinning up to a TC then drifting off to the SW.