A father of two has died and four others injured in the Southern 80 water-ski race on the Murray River.
The annual river race in Echuca-Moama was suspended on Sunday after multiple injuries.
The most serious incident killed 50-year-old David Morabito, from the Sydney suburb of Grose Vale, New South Wales.
Ski Racing Australia, the regulatory body for ski racing in Australia, confirmed the death in a statement on Sunday afternoon.
Mr Morabito was a highly respected driver who had been involved with ski racing for many years.
He is survived by his wife, Katrina, son Sean and daughter Alicia.
Friends, fellow competitors and racing fans remembered him as a "bloody legend" and "a true gentleman of the sport".
Paul Raicevich, who had competed against Mr Morabito, said he had lost a true mate.
"The weekly phone calls, the years of friendly banter, will be truly missed," he wrote on Facebook.
One fan wrote how it was "absolutely heartbreaking" and another on how another year brought on another tragedy.
Ski Racing Australia said the incident occurred about 1.20pm during the main race of Sunday's Southern 80.
"It is understood that Mr Morabito, the driver of 2 Ironic, was pulled from the water unconscious near Norris Bend," the statement said.
Paramedics attempted to resuscitate Mr Morabito but he was pronounced dead at the scene.
Ski Racing Australia chairman Paul Robertson offered condolences to Mr Morabito's family and said the incident had saddened the sport.
Ski Racing Australia has advised that the #southern80 has been discontinued for the day due to an incident on the... https://t.co/XcVZewSYBe
— Southern 80 Ski Race (@southern80) February 12, 2017
Several incidents marred the popular event.
One boat flipped on the river, injuring two people. Another skier hit a buoy, while another hit the water hard, Ambulance Victoria spokesman John Mullen said.
A man in his 20s was flown to the Royal Melbourne Hospital in a serious but stable condition with head and spinal injuries, he said.
A woman, believed to be in her 20s, was flown to Bendigo with a neck injury in a stable condition.
Two others were taken to hospital in Echuca: a man in his 40s with shoulder injuries and a man in his 20s in a serious but stable condition with head and neck injuries.
The rest of the day's races were called off.
"Ski Racing Australia and Moama Water Sports Club will offer their deepest condolences and sympathies to the deceased man's family and friends, and will provide all possible support to those involved," the sporting body said in a statement published on the race's Facebook page.
"Ski Racing Australia is not able to make any further comment at this time."
The Southern 80 race sees teams with two skiers pulled through more than 100 bends in the river. Some racers can reach speeds of more than 100km/h.
The annual event attracts competitors from around the world and remains a major tourist draw for the region, but has suffered from multiple deaths in recent years.
Last year, experienced skier Kevin Vahtrik, 47, of Sydney, died during the qualifying round.
In 2010, seven people were injured and veteran skier Tim Driver, 43, died after colliding with another racer.
The fatalities came after the deaths of local man Craig O'Toole, of Rochester, in a high-speed boat crash in the 2007 race, and Sydney skier David Perrotto on a hairpin turn in 2006.
John Lomas, president of the Moama Water Sports Club, which runs the annual event, declined to say anything when contacted on Sunday afternoon.
"No comment. No comment," he said.
But Campaspe Mayor Adrian Weston said he's confident racing organisers did everything they could to ensure this year's race was as safe as possible.
"Ultimately, it's in their hands around what the future may hold for the race," he said.
"But there would be very few sports where there's not some risk."