Astrophysicist Paul Francis told the Sydney Morning Herald this morning that if the asteroid were to collide with Earth, it had the potential to take out a medium-sized continent.
Luckily, the asteroid's trajectory has been tracked by NASA since its discovery in 2005, and according to their data Earth will be well out of the objects path for at least the next 100 years.
But when the asteroid passes close to Venus in 2029 its path may be altered, meaning predictions past that point are not guaranteed, said Mr Britten.
Tomorrow's fly-by, at a speed of around 19km per second, will be the closest it has passed to Earth in the last 200 years, and the closest any asteroid of this size has been to the planet since 1976.
The next approach of a large asteroid will be in 2028, when an asteroid up to 1500 m in diameter will pass within 230,000km of Earth.
On the web:
The Earth impact calculator lets you predict the effect of any impact with Earth.
The Sentry Risk Table, lists all possible impacts for the next 100 years and their probabilities.