On top of that is a one-off $10,000 prizemoney bonus for the winner of next year's centenary event an attractive carrot that should help attract a top field of riders.

The announcements, from a local MP who has a well-documented affinity with the race, were met with open arms by the local organising committee and rightly so.

But there's a catch. The Coalition needs to be re-elected . If it isn't, it's back to square one and the race's future will again be under a cloud.

Former race director John Craven said events like the Melbourne to Warrnambool can't run without government support and he should know he organised it 17 times.

He added that having the state government on board also made it easier for organisers to secure other sponsors.

To ensure the race survives the next four years, Labor, which, if you believe the polls, are likely to seize power on Saturday, must match the Coalition's commitment of $200,000 over four years at the very least.

Labor's man for South West Coast Roy Reekie said earlier this week, as a born and bred Warrnambool man, he recognised the race was iconic and needed support.

"I've raised the issue with the party and told them how important it is to the community. Obviously if I'm elected as local member and the party is elected to government, I'd be in a stronger position to push the case," he said.

Let's hope Labor listens to Mr Reekie and there is an announcement soon . An event like the Melbourne to Warrnambool, with more than 100 years of history, deserves a secure future.