Any GCC >= 4.6 should support -fno-keep-inline-dllexport; maybe your installation doesn't (for whatever reason). Try the suggested installation from mingw-builds.
As a last resort you can remove the option from mkspecs/win32-g++/qmake.conf.
You have a GCC 4.7.2 installed, but that does not mean it is the only GCC available on your system, or that it is the one being used. What version of GCC is being used to compile your project?