Sony Music Australia has responded to the country's disastrous recent floods with the release of a three-disc fund-raising compilation CD.

"Flood Relief: Artists for the Flood Appeal" features 59 tracks, including recordings from Pink, Sting, Bon Jovi, Kings Of Leon, Beyonce, Billy Joel and Bruce Springsteen, along with local stars as Midnight Oil, Guy Sebastian, Tommy Emmanuel and Crowded House.

Proceeds from each sale will go to the Salvation Army Flood Appeal through the Sony Foundation, the charitable arm of the Australian Sony Group of Companies. All artists and songwriters have waived their royalties for the project, and Sony DADC Australia has donated the CD production.

"The effect of this tragedy and its terrible toll on life, families, communities and property has touched many people both here and around the globe," comments Sony Music Australia chairman and CEO Denis Handlin in a statement. "On behalf of Sony Music and the Sony Foundation, our thoughts and prayers are with those affected, and our immense gratitude goes to all the emergency service people and volunteers who have so generously given in this time of need."

One of the contributing artists, Jessica Mauboy, had this to say: "I think all of Australia is still in shock -- it is hard to understand the full impact of these floods, but we have to do something and quickly. Each artist has donated all of their royalties from this CD. Let's help people rebuild their lives and get back on their feet."

Two years ago, Sony Music rush-released the "Bushfire Aid" CD in a reaction to the deadly bushfires that swept through areas of Victoria. The 2009 CD sold more than 110,000 copies and raised more than $1.7 million Australian for youths affected by the fires.

Powderfinger, meanwhile, has quashed speculation that they would come out of retirement to perform at the Sound Relief Mk 2 concert. However, the veteran Brisbane rockers have released a new single to raise funds for the appeal. The band, their label Universal Music Australia and publisher Universal Music Publishing will donate all profits from "I'm On Your Side," released Tuesday on iTunes. All funds will support the Premiers Disaster Relief Appeal.

The band's practice room in the central Brisbane suburb of Newstead went under, but not before the five-piece removed all their equipment. Other groups haven't been so lucky. Billboard.biz understands members of hardcore punk group Amity Affliction lost instruments to the rising waters.

Sources say details of the Sound Relief line-up, venue and date will be unveiled in the coming days.