WaterNSW says there is a "high likelihood" of the Murrumbidgee River rising further due to flows from tributaries and the region's soil being saturated with water.
WaterNSW system operations executive manager Adrian Langdon said the future flood forecasts would depend on rainfall.
"We've increased [the dam releases] to minor flood levels to try and get more airspace to mitigate any risk of high levels later in the year," he said.
"Depending on the rainfall patterns that we get coming through, the wet catchments at the moment, there is high likelihood that we could see inflows from the tributaries, resulting from higher river levels.
"It is something we do need to keep a close eye on on the moment."
NSW SES southern zone duty commander Craig McIntyre said the region would be dealing with flood conditions for the next few weeks.
"The high water levels will persist for some time as the water from ongoing dam releases makes its way downstream," he said.
Mr McIntyre said farmers and low-lying property owners should move equipment, pumps and livestock to higher grounds.
"Never drive, walk or ride through flood water and stay vigilant for changing conditions," he said.
Bureau of Meteorology (BOM) repeated its warning on Friday that releases from the Burrinjuck and Blowering Dams combined with local tributary inflows will cause flooding near minor levels along the Tumut and Murrumbidgee rivers in coming days and into next week.
BOM agriculture and water manager Matt Coulton said the catchment areas were "very wet" and the region would likely see wetter than average weather over the next few months.
"The catchment upstream from Hume dam is wetter than it has been for several years and it won't take very much rain to produce quite a rapid response from river levels and tributaries," he said.
Mr Langdon defended the organisation's handling of releases from Blowering and Burrinjuck dams, which have rapidly approached 100 per cent capacity over the past few weeks.
"We have actually released 520 gigalitres of water from Burrinjuck and Blowering dams over the last two months, trying to keep some airspace in those storages," he said.
"That is being actively managed through June and July to try to get those volumes out but the volumes we have had come in have exceeded that."
In other news
Burrinjuck dam exceeded 100 per cent capacity on Monday and Blowering followed suit on Thursday, with both dams releasing a combined 27,400 megalitres into the Murrumbidgee River yesterday and another 32,100 megalitres as of 9am on Friday.
Mr Langdon said the organisation had a legislated responsibility to keep dams as full as possible.
"Our key aim at all times, our legislated aim, is to maintain the safety of the dams, leave the storages as full as possible as these are water supply storages, and where possible minimise any flood impacts," he said.
"We do operate airspace in the dams to mitigate floods, but to be clear: under our regulatory framework the volume of airspace we can create is no greater than what can be refilled by storage inflows prior to the start of meeting downstream demands at the start of the irrigation season."
Mr Langdon said WaterNSW had established flood reference panels a few months ago with work with communities along the river.
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