Representatives from the Aboriginal Embassy spoke at the meeting held at The Palais, in front of about 100 community members and appointed community consultant Lynne Haultain.

The embassy's chief justice Les McDonald of Hepburn Springs said Aborigines owned all waterways in Victoria after the Australian Government's ownership of waterways in the Wataurunj Nation expired in 1996.

"The council tried to take away the pool but the Aborigines owned the water," he said.

Diane Bell, representing the Aboriginal Embassy, said the embassy claimed all Victorian waters because they knew privatisation of waterways was looming.

"The Aboriginal Embassy has been asking this question for nine years," she said.

"I urge you to support the Aboriginal Embassy because it is really hard for them to stand up for their rights."

Beryl Booth said the Aboriginal Embassy put in a public notice to protect all waters for "all the people".

"I don't believe in native titles. I am here for the people," she said.

"Life is a risk. If you go for a swim in the hole (Hepburn Pool), walk across the road and get hit by a car, who is responsible then? Enjoy life and stop the privatisation."

Speaking after the meeting, Victorian Aboriginal Dale McDonald said the Hepburn Pool was sacred to Aboriginal people.

"It's a nice relaxing place and you can feel the liveliness of the past and present spirits," he said.

Mr McDonald said the Hepburn Pool should be protected under section 116 of the Federal Constitution that states all religions are equal.

"The pool is very important to my religion's mystical and magical beliefs," he said.

Ms Haultain said that she would have a report ready by the end of this month for the Lands Minister Rob Hulls.

The VMIA and the Department of Sustainability and the Environment were prepared to insure the Hepburn Pool if it was fenced, had signs, there was improved access from the carpark and the Hepburn Shire Council made regular visits.