The alarming statistic was revealed ahead of World Suicide Prevention Day on Tuesday.

Lifeline South West's community suicide prevention coordinator Elizabeth Barrett is encouraging the community to get up and support those who may be suffering with mental illness and those who have been left behind.

"It might be a bit difficult to get out of bed for this event, but it's also difficult to have a conversation about suicide but I think both are necessary to save lives," Ms Barrett said.

"We know one in five people are currently experiencing depression or anxiety. It's no longer a case of 'if' it will happen to you, but 'when'."

This is the fifth year of 'Walk With Us' which is held in honour of those lost to suicide, bringing their memory into the light and removing the stigma surrounding suicide. The event also creates an important support network for those affected by suicide.

"This event is an opportunity for Lifeline to walk together with the wider community and shine light on the importance of human connection essential for people to support each other," Ms Barrett said.

"I hope this event reaches those who are currently struggling and highlights that we as a community do care and want to help."

In 2017, the last reporting period, there were 3,128 Australian lives lost to suicide and each year around 80,000 Australians attempt suicide.

Ms Barrett said while there was already a lot of awareness about suicide and mental health issues, there is more people can do to break down stigmas.

"I think as we're sharing information and being honest about what's happening in our lives and communities, we begin to break down those barriers," she said.

"I think the more we talk about mental health and let people know that there is always hope and support, we can minimise these suicide number.

"A source of support through Lifeline is just a phone call away."

As part of the memorial undertaking a wreath will be paddled out to sea with the assistance of Warrnambool's local surfers.

Any money raised through donations will go toward Lifeline's local suicide prevention services. Every day Lifeline answers more than 2200 calls in Australia and each call costs the organisation $40 to answer and provide assistance.

Walk With Us will depart from The Pavilion Café at 6am on Tuesday, September 10. Following the walk there will be ceremony.

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