The MotoGP has been held at Phillip Island 29 times and is one of regional Victoria's most significant major events.
It generates $54.6 million in economic impact across the state, including $29.4 million in direct spending in Victoria, and supports 284 full-time jobs.
Despite having years to renegotiate the contract, a deal may not be finalised until after the November election - casting doubt over the future of this event at Phillip Island.
Today the Premier tried to look like she is backing the event, but locals still do not have clear answers about what happens next.
Instead of directly briefing the Bass Coast community and key stakeholders, the government released a short media statement with few details about the future of the iconic race.
Regional communities deserve better. They deserve certainty, transparency and a government that is upfront about its plans.
There was no clear information about how much funding would be provided, whether the Phillip Island circuit would be upgraded, or what a new long-term agreement would look like.
Regional Victoria cannot afford to lose its largest major event.
A Wilson-led Liberal and Nationals Government will always back major events in regional Victoria and provide the certainty communities need.
Shadow Minister for Tourism and Major Events David Southwick said the Premier must stop leaving regional communities in limbo.
"Regional Victoria deserves certainty, not last-minute promises," Mr Southwick said.
"This funding could help secure the MotoGP at Phillip Island for years to come, but instead the Premier has left the community waiting."
Member for Eastern Victoria, Renee Heath said: "The MotoGP isn't a photo opportunity - it's 284 jobs across Victoria, with more than $29 million flowing directly into Victorian businesses."
"Local operators can't run their businesses on political spin. They need clarity on funding, infrastructure upgrades, and a long-term agreement - now."
