The annual challenge between NSW and Victoria was last held in 2018, with the lake's contentious water supply issues making the event impossible in 2019 and 2020 when water levels sat too low.

Thanks to increased rainfall in recent months, the lake is finally back at a level appropriate to host the event, with organiser Jacinta Evans predicting the 'state of origin of ski racing' will be a be a big drawcard for the community and tourists this year.

"We're really excited to have the event back," Mrs Evans said. "Its a big event for the community and tourism."

"This year we have people coming from as far as the Gold Coast."

The Barry Carne was first run in 1976 and apart from a brief hiatus between 2001 and 2006, and its recent cancellations, has been a historic annual event for Wagga.

This year's event will be held on Saturday May 1 and Sunday May 2.

Entries have officially closed and a total of 35 competitors are registered for the race which this year has capped speeds at 85m/hour.

Mrs Evans, whose family are the only competitors left in Wagga, said the tweaked conditions had no effect on the excited mood around the event, with racers from near and far simply delighted at the return of the event.

"We have people from Victoria coming who haven't been able to race on lakes all year because they've been closed, so they're just excited to get back on the water," Mrs Evans said. "It's a big family event and everyone just wants to get back together and race and have fun."

The event is sponsored by over 30 businesses, with local sponsors saying the return of the competition is a much-needed win for Wagga.

"I'm just happy to support the club," Adam Jenkins whose company Ridges Quarries is sponsoring the event said. "Wagga needs the lake and they're all doing a good job."

Riverina Cranes' Wendy Mullins who is also a sponsor said she's excited to support an event she thinks will do plenty of good for the community.

"Wagga needs to start promoting itself more and running more events like this here," Mrs Mullins said.

"Events like the Barry Carne are going to keep the community going and involved and we need the tourism."

The Barry Carne will be held on the first weekend of May.

Spectators can enjoy the race for free from the banks of Lake Albert or can pay a gold coin donation to get into the boat club.

The event's final will be held on Sunday at 11 am when NSW will defend its title against Victoria.

Barry Carne is the first major boating event to return to the lake since council signed a deal with NSW Water Minister Melinda Pavey to top up Lake Albert with thousands of megalitres a year via a new pipeline to the Murrumbidgee River after years of debate and canvassing over the lake's levels.

The council is currently sourcing funding for the pipeline, and Mrs Evans said she hopes they are able to get construction underway in time to keep the boating events afloat.

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