Gerry Hoekstra was driving when his vehicle came off the track and slammed into a tree and burst into flames.
He and his navigator died at the scene.
Victoria Police senior constable Anthony Clark the loss has had “devastating” impacts on the town.
“It’s going to devastate the town, it’s going to devastate the organisers, and also the community,” he told 9News.
“The community has put in an absolute tonne of work for this event and this has just been an absolute tragedy.
“I call it the race family because that’s what they are, they know each other quite well, and they know the organisers quite well.'”
Last year, a spectator was killed when a car came off the track at the Famous Finke Desert Race in the Northern Territory.
Police will now remove what is left of the burnt wreckage, the parts will be forensically examined as police piece together what triggered the crash.
