The state government provided $60,000 for the event last year - an unprecedented amount.

The breakdown of the funding was $20,000 for the men's event, $20,000 for the women's event and an additional $20,000 to help get the women's event off the ground in its inaugural year.

The state government has confirmed it will provide $20,000 for the men's event this year and $20,000 for the women's event.

However, organisers say without the additional $20,000, the women's event may be in jeopardy.

Labor's Member for Western Victoria Jacinta Ermacora was asked a number of questions about the decision not to provide a total of $60,000 to the event in 2023.

These included whether she had been in contact with organisers of the event, whether there was a chance the decision to reduce funding would be reversed and whether she supported the stand alone women's race.

Ms Ermacora and the state government's media department were asked whether the government would commit the extra $20,000 to secure the women's event this year.

The government failed to say whether it would stump up the extra funding, but there's confusion over whether a formal request has been made for the additional $20,000.

The state government said it was waiting for a request, while organisers say this was done and rejected before the November election.

"We're backing even more of the sporting drawcards that support communities, businesses and athletes including local home grown events like the Melbourne to Warrnambool, offering thousands of visitors even more reasons to discover destinations across the state," a state government spokesman said.

"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."

South West Coast MP Roma Britnell has called on Ms Ermacora, the newly-elected Warrnambool-based upper house member, to secure additional funds for the women's race.

"It's deeply disappointing that the Andrews Labor Government can find $15 million for a national netball team, but can't deliver $20,000 for Victoria's most iconic cycling event," she said.

"Melbourne to Warrnambool Cycling Festival is a key sporting, cultural and tourist event for our community, we should be proudly supporting its growth, not scrambling to secure basic funding.

"Jacinta Ermacora has serious questions to answer over her role in this funding shortfall. Did she promise the community something she can't deliver or is she just unable to stand up for our region?".

"It simply isn't viable for an event of this scale to be run at a loss, and the state government must do the right thing, step up and support the future of this great event."

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