Pearce was shot 30 years ago at a Golden Square transport depot and police have never found the killer. 

Last year Victoria Police announced it was increasing rewards for cold cases to $1 million.

The reward for the murder of Kevin Pearce has not been increased yet, but detective Acting Inspector Boris Buick from the Homicide Cold Case and Missing Persons unit confirmed this week investigators were applying for the reward to be raised. 

Detective Acting Inspector Buick said the reward was likely to take effect within a few weeks. 

"This is one of those investigations that needs the reward updated," he said.

Police hope a significant financial reward will encourage people who know something about the murder to come forward with information.

Kevin Pearce was 45 when he was shot with a .308 rifle on the night of April, 15 1985. He died in hospital three weeks later.

At the inquest in 1986, coroner Hal Hallenstein ruled that Pearce's ex-business partner should stand trial for the murder but charges were not pursued because of a lack of evidence. 

Kevin Pearce's daughter has spoken to the Bendigo Advertiser about the family's grief and the difficulty of living with the unknown. 

See our in depth feature in Saturday's edition and online.