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Queenstown Lakes District Council chief engineer Ulrich Glasner said the section affected was near the historic Kawarau Falls Bridge.
The embankment was part of the recent NZ Transport Agency Kawarau Falls Bridge replacement project.
Mr Glasner said the slip damaged a council wastewater pipe which was inspected by CCTV. It had a "dip" in it and needed to be repaired, which required a temporary bypass.
The slip also needed to be stabilised and unstable trees removed — one was removed last Monday and a second would likely be removed this week.
In the interim, "water-based traffic" was advised to stay close to the centre island, away from the embankment, Mr Glasner said.
During the closure, which would likely be in place until next year, track users would be diverted via Bridge St.
The council was investigating the cause of the slip which would define the "corrective actions required".