The lake is situated between the regional population centres of Bendigo and Heathcote and serves as a major water storage facility for both places, as well as the Campaspe irrigation district.

[8] The lake is a major attraction for those engaging in watersports, with a number of tourist parks and accommodation facilities available.

Permissible activities on the lake include high-speed boating, water skiing, sailing, canoeing, fishing and swimming.

A speed restriction of 5 knots is placed on the lake when the level falls below 16 percent or 180 metres (590 ft) AHD.

The lake overflowed its spillway for the first time since 1996, on 28 November 2010, after significant rainfall over the preceding 48 hours.