Great picture of the depression/crater Dave.
I hadn't really noticed it myself until you pointed it out, but when you did I found what you were describing really easily, and I have to agree with you that the hills towards Wang look like debris. I was hoping someone clever at geology and stuff would chip in.
Did you know that fruit bats have made it to Wangratta. Our overseas people may be interested to know that the black night raiders range in the hundreds of thousands, mainly from Cape York south to about Sydney. A good 2ft wing span and camp in big mobs in secluded trees. Terrible toilet habits as they hang upside down like black footballs.
Fruit Bats, or Flying Foxes as they are also known range right down to Southern Victoria.
http://en.wikipedia.org/wiki/Grey_headed_flying_fox
They are the largest bats in the world, with wingspans of up to 1 metre. When you see them flying they're quite easy to mistake for a bird of prey if you're not looking carefully.
ETA: it seems these are larger, but the same genus:
http://en.wikipedia.org/wiki/Large_Flying_Fox
Fruit bats have definitely arrived in Victoria - big time. I've seen the sky at sunset nearly black with them up around Shepparton when the fruit trees are in season. My guess is that they roost along the Murray, as they do along watercourses in the north, and make their way out into the orchards at night. The farmers must hate the damned things.
The biggest ones I've ever seen are in Brisbane. They seem to enjoy the bright city lights and I assume they thrive on all the insects that are about, as well as people's fruit trees.
As Damien says, they look like eagles at first glance.
Speaking of Aussie toilets,one bloke built a "Thunder Box" over a deep old mine shaft near Bright. Don't drop watch or wallet and be very careful.
Common practice in a lot of gold mining areas, like
Ballarat and
Bendigo. I'll bet a lot of things disappear down those holes, apart from the obvious.
This same bushie had a cow with 5 legs. (true) I was brought up near Bright on what is now the "Old Tobacco Shed" (tourist trap) on the beautiful Ovens river - now a gutter from dry years and over water useage.
5-legged cows don't surprise me in the least, given that some of the people up there seem to have two heads

I didn't know about the Old Tobacco Shed, but I do
know hear rumours that a lot of chop-chop (illegal tobacco) comes from up around Bright.
Unfortunately, what you say about the Ovens is largely true, but it can still be pretty magic at certain times and places. If there's been good snow over Winter and then some decent Spring rain the river comes back into it's own.
They have to maintain a certain flow in the Ovens because Wangaratta gets its town water from there, and the parks and gardens on the river where it passes through the city are quite beautiful, despite the drought. A few bores help, I think.
Rainbow trout,brown trout sparkling water all gone, guess we didn't help fishing with Alfred Noble.
Actually, it's not as bad as you might fear. Rivers like the Ovens still have trout in them, and kids catch brown trout in Sunday Creek, in Broadford, when there's been enough Winter rain.
It appears that the fact that streams are losing their perennial flows and connection to the sea isn't the death knell for the trout, and it seems they might be evolviing into new,
land-locked species.
Arthwollipot comes from the heart of trout country, so he might have some fishing stories for us.
ETA: Fishing with Alfred is still popular, especially for clearing the carp out of a dam, and the Army thoughtfully used to provide us with lots of expanding bait to help supplement our rations
Cheers,
Dave