Dunkeld's iconic November race meeting, which attracts Australia's largest Saturday crowd away from the metropolitan area, may not have punters trackside as the second wave of the coronavirus pandemic continues.

The event that attracts more than 10,000 patrons to the town with a population of 700 brings a six-figure income to local sporting clubs, schools and charities.

However all is in danger of being lost with officials decide in late August in what form, if any, the meeting can go ahead.

Dunkeld Racing Club president Edward Blackwell said all options would be considered.

"We've given ourselves a month before we make any decisions about the race day," Blackwell said.

"The news on the pandemic just changes all the time. We would love to hold the race day but who knows what will happen in the future. It's quite a different world we're in. We'll be guided by what the state and federal governments say and Racing Victoria.

COVID-19 UPDATE:

He said there wouldn't be big crowds, if the races went ahead.

"It would be weird to run a meeting at Dunkeld with no crowds because of the magnificent backdrop of the Grampians," he said.

"I would want to run it at Dunkeld even if we can't have a crowd but that's only my opinion. We're lucky our race day is a bucket list meeting for people all over Australia."

Blackwell, who is in his eighth year as president, said the race day gives the local community an enormous financial boost.

"The day is a massive fundraiser for so many local groups," he said.

"They all get spin-offs from the day. The majority of people who work at the meeting are volunteers. I've got to congratulate the racing industry they have done an amazing job to keep on going in such difficult times."

The 2020 meeting is scheduled to be run on November 14.

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