The lake was originally known as Hays Lake after D. Hay, an Australian who came to the district looking for sheep country in 1859. Its name gradually changed to Lake Hayes, as its discovery was credited erroneously to Captain "Bully" Hayes, an early local character of the district.
There is a picturesque walking/cycling/running trail around the lake of about 6-7 undulating kilometers. There is a public beach at the northern end of the lake with picnic area and toilets.
