In Qt 4.8.2 and previous versions, this snippet is created for generating the RCC output on a MinGW makefile:

release/qrc_foo.cpp: ../foo/foo.qrc \
		../foo/images/icon1.png \
		../foo/images/icon2.png
	c:\Qt\qt-src-4.8.2-MinGW\bin\rcc.exe -name foo ..\foo\foo.qrc -o release\qrc_foo.cpp

In 4.8.3 it changed to this one:

release/qrc_foo.cpp: ../foo/foo.qrc \
		../foo/images/icon1.png \
		../foo/images/icon2.png
	bin\rcc.exe -name foo ..\foo\foo.qrc -o release\qrc_foo.cpp

Obviously, bin\rcc.exe is not found in PATH and the complete path to the executable was stripped away.

If I add c:\Qt\qt-src-4.8.3-MinGW to the PATH variable, at least RCC is run, but the dependency list is still almost empty, only containing foo.qrc, but no the actual files referenced in it.

Reverting to 4.8.2 for now.