Lake Leake was built in 1880 to supply permanent water for Campbell Town, approx 30 mins drive to the east. Visitors can enjoy picnic and BBQ facilities, bush scenery and great brook trout, brown trout and rainbow trout fishing. Currawong Lakes trout fishery and wildlife retreat are on the Long Marsh dam Road at Lake Leake.
Lake Leake is also the name of a village close by which has a population of around 170. The village is built on land owned by the Northern Midlands Council. Inhabitants must purchase a license to have a building there are restricted in the number of days per year they can live there. The main purpose is to accommodate recreational anglers.
The lake was constructed after a long debate. A five metre high dam was finished in 1884. The initial capacity was 19.9 Mm3 and an area of 6 km2. In 1971 the spillway highest point was raised by 18 cm to increase storage capacity. Water is released for irrigation and also stored to maintain a fishing facility. Lake Leake has always been at least half full. The lake was named after Charles Henry Leake a member of the Tasmanian Legislative Council.