The lake is 30.5 per cent full, making this January among the driest in 10 years, about equal with 2016.

It's a drop of nearly 20 per cent from January 2019, when the lake was 49 per cent full.

Goulburn Murray Water manager of River Operations, Planning Andrew Shields said inflows had been low to Lake Eppalock for the past three years.

Mr Shields said this meant falling water levels, as users drew more than the incoming volume.

He said bore water users had already experienced a drop in the amount they were allocated.

Users in the Campaspe system have had access to 65 per cent of their high reliability water shares, according to an update released on Thursday.

In the Goulburn and Loddon systems users have been allocated 66 per cent of their shares.

Both are slight increases on the previous fortnight.

Other central Victorian water storages have fared better than Lake Eppalock, despite the dry year.

Cairn Curran reservoir sits at 45.2 per cent, an increase of nearly three per cent on the same time last year. Tullaroop Reservoir sits at 73.4 per cent, Laanecoorie at 41 per cent.

Coliban Water storages are 81.8 per cent full. In early December these sat at 88 per cent.

Mr Shield said Lake Eppalock's location was probably the cause of low storage levels compared to other sites.

"Some of our storages have fared better than others where we have received some rain and reasonable inflows. It's just really geographically and where they're located," he said.

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Mr Shield said GMW hoped for more rainfall this autumn and winter than over the past three years.

Recreational users have been warned of a five knot speed limit in effect for parts of Lake Eppalock, due to the low lake levels and emerging stumps.

Mr Shield said recreational users of Lake Eppalock would see lower water levels than over the last couple of years, which might affect different access points.

He warned users to be wary of new hazards that might emerge.