qmake screws up rcc path

qmake somehow generates wrong path to rcc. This is the console output:

Setting up a MinGW/Qt only environment...
– QTDIR set to d:\qt\4.8.3
– PATH set to d:\qt\4.8.3\bin
– Adding d:\mingw\bin to PATH
– Adding C:\WINNT\System32 to PATH
– QMAKESPEC set to win32-g++

d:\qt\4.8.3>cd d:\dev\EyeRelief-build

D:\dev\EyeRelief-build>qmake -Wall ..\EyeRelief
WARNING: d:\qt\4.8.3\mkspecs\features\device_config.prf:2: Failure to include file D:\qt\4.8.3\mkspecs\features\.
WARNING: Operator=(QMAKE_RCC) clears variables previously set: d:\qt\4.8.3\mkspecs\features\qt_functions.prf:104
WARNING: Operator=(QMAKE_UIC3) clears variables previously set: d:\qt\4.8.3\mkspecs\features\qt_functions.prf:104
WARNING: d:\qt\4.8.3\mkspecs\features\device_config.prf:2: Failure to include file D:\qt\4.8.3\mkspecs\features\.
WARNING: Operator=(QMAKE_RCC) clears variables previously set: d:\qt\4.8.3\mkspecs\features\qt_functions.prf:104
WARNING: Operator=(QMAKE_UIC3) clears variables previously set: d:\qt\4.8.3\mkspecs\features\qt_functions.prf:104
WARNING: d:\qt\4.8.3\mkspecs\features\device_config.prf:2: Failure to include file D:\qt\4.8.3\mkspecs\features\.
WARNING: Operator=(QMAKE_RCC) clears variables previously set: d:\qt\4.8.3\mkspecs\features\qt_functions.prf:104
WARNING: Operator=(QMAKE_UIC3) clears variables previously set: d:\qt\4.8.3\mkspecs\features\qt_functions.prf:104
The system cannot find the path specified.
The system cannot find the path specified.

D:\dev\EyeRelief-build>make
...
bin\rcc.exe -name res ..\EyeRelief\res.qrc -o release\qrc_res.cpp
process_begin: CreateProcess(NULL, bin\rcc.exe -name res ..\EyeRelief\res.qrc -o release\qrc_res.cpp, ...) failed.
make (e=2): The system cannot find the file specified.
mingw32-make[1]: *** [release/qrc_res.cpp] Error 2
mingw32-make[1]: Leaving directory `D:/dev/EyeRelief-build'
mingw32-make: *** [release] Error 2

Apparently, it forgot to prepend %QTDIR%.

I attached the debug output from qmake.