Master of ceremonies was retired Lt Col Kevin Baff, who said it was a "sacred ritual" for people to gather together on Anzac Day.
"In this time of turmoil created by the Russian invasion of Ukraine, we should remember that war is a dirty business, and that peaceful coexistence is always the better option, and what we should always strive for. Lest we forget."
Clutha Mayor Bryan Cadogan also alluded to the Ukrainian conflict, adding that the "Anzac spirit" was a defining character of New Zealanders.
South Otago head boy Alec Mills reflected on his good fortune to be born into a time of relative world peace.
"Boys like me travelled to the other side of the world on a big adventure, only for it to become a nightmare. I can't imagine what it must have felt like."
Following the ceremony, those attending formed a parade to the Clutha District RSA for refreshments, led by the Balclutha Pipe Band.