The huge old elm to the east of the lake shades the area most used for community events. This tree was planted in the Scoborio era and must be at least 100 years old.
The tree developed a serious split some twenty odd years ago and was in danger of collapse. Thanks to the generous efforts of the Warrnambool community money was provided to secure the branches with rods and cables. This expensive exercise, undertaken in 1981 and supported by Rotary, led to the elm being known as the Money Tree.
Archie Graham used some of the timber removed from the tree to make items of furniture. Some of this is displayed in the PAC (now the entertainment centre)