Cycling NSW have named the cyclist as Colin Wilson.

The man crashed while riding on a downhill fast stretch of the circuit, on Wimbledon Road at Newbridge, at around 12.30pm.

Cycling NSW chief executive officer Phil Ayres was at the Mount Panorama finish line on Sunday and said the man was riding on his own at the rear of the field when the crash occurred.

"He did go into cardiac arrest, but they were able to revive him," he said.

Cycling NSW have since posted a message of condolence to Mr Wilson's family on it's Facebook page.

"Our thoughts are first and foremost with Mr Wilson's family and friends as they come to grips with his sudden passing," the post said.

"We also acknowledge the people from his home town of Canowindra in the NSW Central West who have had to deal with other tragic events in the past week.

"Whilst the accident is now a matter for the NSW Police and State Coroner, it would appear that Mr Wilson fell from his bike on a steep descent.

"No other riders were involved nor does there appear to have been any obstacles or potholes on the pavement in the area where he fell."

It was the second tragedy for the small town of Canowindra in the last week after they farewelled murdered school teacher Stephanie Scott who grew up there.

Around 1000 residents gathered to watch hundreds of yellow and white balloons released into the air, and 20 hot air balloons fire up, in a sunrise tribute to Ms Scott.