A man has died during a major annual waterskiing event on the Murray River near the Victoria-NSW border.

Emergency services were called to the river near Perricoota Road in Moama to reports a man had been injured about an hour after events in the Southern 80 competition began this morning.

Paramedics arrived to find the man, who has yet to be formally identified, had died.

The skiing event has been cancelled after a man has died. (Southern 80)

In a separate incident, a man in his 40s injured his leg in Torrumbarry, near the border, and was taken to Echuca Hospital in stable condition.

The Southern 80 is an annual event held in the border towns of Echuca and Moama, which usually attracts around 900 competitors, 260 boats, and thousands of spectators.

Racing kicked off about 9am today, but has been called off for the rest of the day due to the incident.

Police have begun investigations into the circumstances of his death.

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