Club executives were on Wednesday quizzed at a parliamentary inquiry about the disaster, which affected about 600 properties in the Maribyrnong River catchment.
The local community was furious, with many claiming the wall exacerbated the impact on surrounding homes but an independent panel concluded its contribution to the duration and extent of the flooding could not be directly assessed because there was no relevant modelling.
Victoria Racing Club chief executive Steve Rosich said while the wall served its purpose during the October 2022 floods, it was for experts to determine whether it had any impact on flooding of surrounding properties.
Some 600 homes in the Maribyrnong catchment were inundated.
Some of the 600 horses housed at the home of the Melbourne Cup had to be relocated because of the floods and some repairs had to be made ahead of the carnival.
However, if it wasn't for the wall, the consequences for the racecourse could have been significant and expensive.
Mr Rosich said the flood wall remained integral to the racecourse's master plan and to ensure the safety of the horses stabled there.
He confirmed the club raised more than $500,000 in donations towards flood recovery efforts after the October 2022 event.
"We understand the flood had an impact right across the state," he told the inquiry.
"As a significant Victorian entity, we tried to play our part in that."
SES personnel searched floodwaters along Raleigh Street in Maribyrnong in October 2022.
Melbourne Water also appeared before the inquiry on Wednesday after copping criticism from residents of the city's northwest who complained they did not receive adequate information or warning of the looming flood.
Chief executive Nerina Di Lorenzo said floods could escalate quickly in the Maribyrnong system and in October 2022, water levels in the lower catchment went from moderate to major in about 90 minutes
She said Melbourne Water intended to revisit the impact of the Flemington Racecourse flood wall after April next year.Â
The parliamentary inquiry is slated to hear from Rivervue Retirement Village management and residents on Thursday along with the Victorian Planning Authority.
