UPDATE: Labor will match federal opposition funding for Ravenswood Interchange if re-elected.
The party announced its support for the project hours after a joint state and federal Coalition announcement.
Bendigo Labor candidate Lisa Chesters said the announcement was "great news".
“This is great news for the electorate and the region. I've been a strong advocate of the upgrade of the Ravenswood intersection on the Calder,” she said.
“Road safety is an issue that is often raised when I am out in the community meeting people.
"That's why last month when Minister Albanese was in Bendigo I raised this as a priority for the region and my first term.
The funding will mean the upgrades will be undertake despite which party forms government.
EARLIER: THE major political parties have this morning announced big promises for our region.
The cash splash includes a combined federal and state coalition commitment to upgrade the notorious intersection near Ravenswood on the Calder Freeway and a $5.2 million Labor commitment to the redevelopment of the Bendigo tennis complex.
The Coalition has announced that its federal and state governments would provide $86 million to rebuild the Ravenswood intersection if it wins the federal election.
Premier Denis Napthine and leader of the opposition in the Senate, Eric Abetz, announced the funds at the interchange on Friday morning.
The Liberal-National Coalition has committed to contribute $45 million while the Victorian government would contribute $41 million to completely rebuild the intersection with a "grade-separated interchange".
A map showing plans for a new Calder Freeway intersection near Ravenswood
Dr Napthine said the project would be an "enormous safety boost for all motorists" while also increasing the efficiency of one of the state’s busiest freight corridors.
“Six casualty crashes and a number of serious injuries have occurred at this intersection which has been neglected for far too long,” Dr Napthine said on Friday.
“The Victorian Coalition government is committed to saving lives on our roads and we would be pleased to partner with a federal coalition government to ensure that this deadly intersection is upgraded and made significantly safer.
“Last year, we put this project forward as a priority to the federal Labor government for the Nation Building Program. The $41-million Victorian contribution announced today is a further example of how seriously we take this project.”
Premier Denis Napthine announces funding on the Calder Freeway on Friday. Picture: Peter Weaving
Senator Abetz said the Federal Coalition was committed to investing in crucial infrastructure works across the country.
“The Calder Highway is the primary road transport route connecting regions, cities and towns in northern and north-western Victoria and south-western New South Wales to Melbourne,” Senator Abetz said.
“This upgrade would greatly benefit the local economy, help create jobs and provide a safer travel route between the Bendigo region and Melbourne," he said.
Meanwhile, federal Labor Minister for Regional Australia Catherine King announced $5.2 million towards a redevelopment of Bendito Regional Tennis Facility, regardless of whether the party wins power at the September 7 election.
Labor candidate for Bendigo Lisa Chesters, left, with tennis player Percy Dowse, Minister for Regional Australia Catherine King, tennis player Tiahna Leader and tennis legend John Fitzgerald. Picture: Kristen Alebakis
The project will fund new showcourt facilities with spectator seating for 900 people, a redevelopment of the events and community hub building and an upgrade of four courts to Australian grand slam standard. There will also be links to surrounding open spaces to encourage outdoor exercise.
Ms King said the new facility would deliver "great benefits" to the Bendigo community.
"Sport plays an important role in the lives of regional Victorians. Many tennis greats, such as Pat Rafter and Rod Laver, learned to play tennis in the regions efore inspiring generations to play the game.
"This facility will give regional Australians the opportunity to pursue their sporting ambitions without having to leave their home town."
Minister for Regional Australia, Catherine King, announces funding at Bendigo tennis complex. Picture: Kristen Alebakis
Click below for background Ravenswood interchange stories:
Ravenswood Interchange project priority, says Drum, August 16, 2013
Two-car collision on Calder Highway diverts traffic, June 8, 2013
Ravenswood upgrades needed: council, June 4, 2013
Bendigo region’s roads a priority, April 29, 2012
Hot potato: ministers fight over Calder Highway funding, March 4, 2012
Fix Calder junctions, urges CFA, February 24, 2012