Campaspe Shire Council chief executive officer Jason Russell said the couple were out for an early morning walk with their dog and a large limb has fallen across the walking path, injuring the couple and killing their dog.

"It was fortunate that people were around the area, heard the couple's cries, attended to assist and called an ambulance," Mr Russell said.

"We understand the couple were visitors to the region and staff have, later this morning, visited the couple to offer assistance."

Council has reported the incident to relevant authorities and will work with them in conducting their investigations.