The race's second edition - slated for early February - is under threat after the financial hit.

The government provided additional money for the inaugural women's only race, which ran a day after the time-honoured Melbourne to Warrnambool Cycling Classic, almost 12 months ago but has cut its offering.

Matilda Raynolds - an experienced competitor who finished third in the first edition - said it was a backwards step which lacked foresight and failed to understand Australia's strong cycling scene.

"I was just really shocked; I couldn't believe it after what has probably been the most successful year of women's sport in Australia and globally," she told The Standard.

"The return on investment in women's sport continues to be 10-fold for investors and all the data is there so I was just a bit shocked they (the government) were happy to take all the positive media when it was announced and then in its second year, which is just as important as its inaugural year, to turn that funding off."

Raynolds said what was more baffling was the fact it was "coins out of the pocket, the way they spend money".

"But it does make such a difference (to women's cycling)," she said. "

The Melbourne to Warrnambool is a globally well-known event and it was embarrassing there wasn't a women's event and it was well overdue.

"I think the momentum, the messaging, how it looked, how it felt, how it was received last year - it could not have gone better. It was a special race and showed how strong the women's field was. It was entertaining. It ticked all those boxes."

Raynolds said the opportunities which followed for winner Maeve Plouffe and runner-up Josie Talbot emphasised the importance of high-calibre races on home soil.

"The girls I was on the podium with have now signed World Tour contracts and gone professional," she said.

"It is a launching pad and the Melbourne to Warrnambool is an event where if you win it, it follows you everywhere.

"Everyone mentions it in the commentary, it's something you hold dear for the rest of your career."

The race remains on the AusCycling calendar for the time being.

Raynolds is calling on the state government to recommit additional money to the race and labelled it "a bit disconnected".

"If it doesn't go ahead, we'll very much need to know who that fell on and who made that call and they can let us know why," she said.

The state government said it provided an additional amount to help the women's classic in its first year.

"We've supported the Warrny since 2015 and we'll keep working with the event organiser to ensure the iconic event continues to be a launch pad for Victoria's aspiring road cyclists," a spokesperson said.

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