After having to cancel twice and making up for $480,000 worth of debt, organisers promise a "bigger and better" wooly competition for all to enjoy.

ASWS chief executive Margot Falconer said despite the set backs, things were looking up this year.

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"All of our trade sites are sold and our gate entry is well up on the same time last year," she said.

"It will be our first show since 2019, but back we are and ready to go full steam ahead."

In 2021, Premier Daniel Andrews announced on July 15 that Victoria would enter a snap five-day lockdown, leaving many event plans up in the air.

With the ASWS only a day away, organisers made the quick and devastating decision to cancel once again, leaving the team in thousands of dollars worth of debt.

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The cancellation left $285,000 worth of invoices to pay, plus marquee and contractor costs and more.

"It's hurting us big time," Ms Falconer said at the time.

"This event is worth between $8m and $10m to Bendigo's economy and it's not just the fact we're in strife, there are so many other people struggling too because of this.

"A lot of local businesses and companies say the show is their biggest event of the year and now they're losing money too."

But thankfully in the last 12 months, the Bendigo community has rallied behind the event and helped get it back on its feet.

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"We can't tell everyone how absolutely humbled we were by the generosity of not just our members - who really rose to the occasion - but all the local businesses as well," Ms Falconer said.

"These organisations either reduced their invoices or didn't charge us at all, it was really lovely of them to do."

Thankfully any anxiety of a repeat was quashed after support from the Victorian government was introduced earlier this year.

"We've actually taken out insurance through the state government's COVID Cancellation Policy so this won't happen to us again," Ms Falconer said.

This year's event boasts all the age-old favourites patrons are used to and so much more.

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The Australian Meat Industry Council will hold its annual Sausage King competition in Festival of Lamb this year.

Hundreds of independent butchers will compete across six categories including Traditional Australian Beef or Pork, Poultry, Australian Lamb, Continental, and Gourmet, plus two catergories within a Best Burger competition and a range of other smallgoods.

Meteorologist and 7NEWS Melbourne weather presenter Jane Bunn will also make an appearance at the Careers and Technology Hub Marquee, where she will host a 'Understanding the weather outlook for the rest of 2022' presentation.

"Of course we will have our usual events; the sheep competition, the sheep dog trial, fleece competition and more," Ms Falconer said.

The event is set to take place July 15, 16 and 17 at Bendigo's Prince of Wales Showgrounds.

You can buy tickets to this year's event and get more information at sheepshow.com

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