The town's economy is primarily based around supporting the local farming community (beef and dairy cattle being the dominant produce), with a small abbatoir the only substantial secondary industry. The lake's presence and the substantial numbers of through travellers (including a large number of motorcyclists enjoying the twisty roads in the area) also supports a small tourist industry, with a motel and tourist caravan park.
Formed in the mid 19th century, the most notable aspect of the town's history was the fact that it was moved eight kilometres to the west in the 1950's to allow the expansion of Lake Hume.