New Zealand city Christchurch was hit with an aftershock of the same magnitude just 18 minutes later.
The Queensland quake struck at 3.31pm local time, according to a preliminary report by the United States Geological Survey (USGS).
The USGS said it hit about 124km southeast of Townsville and 991km northwest of Brisbane.
The quake's epicenter was at a depth of 10km near Bowen and Ayr.
The quake is one of the largest to occur in Queensland in many years, The Sunday Mail reported.
The USGS measured it as a 5.2 magnitude quake, but Geoscience Australia recorded it at 5.4.
There was no tsunami warning issued and there were no reports of damage.
The Christchurch quake hit at 5:49pm local time and follows the magnitude 6.3 earthquake that hit on February 22, causing widespread damage and a death toll eventually expected to top 180.
The quake's epicenter was 16km east-southeast of the city at a depth of 9.2km, according to the USGS.
Power was knocked out in some parts of the city, which has been experiencing constant aftershocks since a 7.1 quake in September, 2010. Source
UPDATE: Another Earthquake has hit in the same area of Queensland with a Magnitude of 4.7 and a depth of 16.2km (10.1 miles) at 07.06 UTC
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