Speaking at the grand opening on Saturday evening, Assistant Minister for Tourism Industry Development Michael Healy, who was out from Cairns, said he would continue to advocate to ensure the event had everything it needed, such was its value.

"We know how important tourism is to the region, it's an absolute economic driver," he said.

"It's vital for jobs and economic prosperity."

Longreach Regional Council Mayor Tony Rayner reiterated that, saying his council was very happy to support it, with the region's long and proud history with the sport.

He said the event was not without its challenges, given the 150mm of rain that left the grounds a sea of water on Tuesday.

"The outback puts on an event like no other - we don't let 150mm and a bit of mud on our boots stop us," Mount Isa Rodeo CEO Natalie Flecker said.

"The vision is to grow this into a signature event that becomes a bucket list must-do."

In addition to the national anthem and the Cowboy's Ode, the crowd was asked to stand for a minute's silence in memory of former Australian bareback champion Matthew Makinson, who died in a car accident at Mountain Creek early on Friday morning.