The Rip Curl Pro, which showcases Victoria's Great Ocean Road region to hundreds of millions of surfing fans worldwide, will continue to be financially supported by the state government to 2014.
Visiting the Bells Beach surfing tournament on Wednesday, Premier Ted Baillieu said the government would extend its support for the event for a further three years.
Mr Baillieu said the event, now in its 50th year, was the longest-running and most prestigious event on the professional surfing calendar, providing a great opportunity to showcase Victoria.
"The Rip Curl Pro is one of the cornerstones of Victoria's marvellous major events calendar as well as being a global surfing icon which attracts the world's best athletes, with many top Australian surfers in the line-up," he said.
"Thousands of visitors travel to Bells to enjoy the spectacle, and millions more tune in to international broadcasts, podcasts and web streams to follow the action.
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"This is an event that is going from strength to strength and with global television audiences of more than 200 million and an innovative webcast to more than a million eager fans, it really showcases the breathtaking Great Ocean Road region to the world."
The surf industry employs about 1000 people in the area of Torquay, generating $600 million annually, the government said.
A spokesman for the government would not disclose how much funding is put towards the event because it is hotly contested by the other states.
