Yesterday, we completed the Lake Elizabeth loop walk for the first time. We've been there at least 3 times before, started the walk, and turned back as we weren't sure how long it was, and hadn't allowed enough time. Perhaps because the sign says 3.5 hours return. We did it in less than 1.5 hours, and we didn't rush.
There is some spectacular scenery there, as the lake was formed in 1952 when there was a land slide caused by record rainfall. Lake Elizabeth is situated in the Otway Forest, near a town called Forrest.
Platypus are plentiful here, but you have to arrive early in the morning, and perhaps take a canoe ride for a chance to see them.