A man has died while waterskiing in the Southern 80 race on the Murray River near the Victoria–New South Wales border.

Emergency services were called to the river in Moama about 10am on Sunday after reports a man believed to be in his 40s had been seriously injured while skiing on the water.

New South Wales (NSW) Police said, on arrival, paramedics from Ambulance Victoria found a man who had died at the scene.

On Sunday afternoon, Chief Inspector Paul Huggett said that while the investigation was still in its infancy, the ski event met all necessary criteria in order to run, and that the crash was "an absolute tragedy".

"These incidents are an absolute tragedy … This will affect the community for months to come," he said.

"The event met all criteria to run by the issuing body, so there are no concerns that I'm aware of."

The man was a competitor in one of the teams in the event.

Chief Inspector Huggett said that there was no evidence to suggest that there were "any persons in the water that the ski boat was trying to avoid".

Moama Water Sports Club president Steve Shipp said the skier fell and could not be revived.

"Racing was immediately suspended and since been cancelled," he said.

Chief Inspector Huggett said the skier's teammates did "everything they could do to help their mate."

The man is yet to be formally identified.

The Moama Water Sports Club was cooperating with NSW Police and Transport for NSW (Maritime) in their investigation.

Anyone with information or video footage is urged to call police or Crime Stoppers on 1800 333 000.