Kevin Johnson faced the Bendigo Magistrates' Court on Friday for the final day of the committal hearing.

Mr Johnson formally pleaded not guilty to the murder of 29-year-old Matthew Alexander at his Eastons Road property in Daltons Bridge on September 13, 2019.

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Magistrate Russell Kelly said he would need more time to consider whether there was enough evidence to commit Mr Johnson's co-accused, Daniel Oberin, to stand trial on the charge of murder.

Mr Oberin's defence counsel Dermot Dann QC submitted that committing Mr Oberin to the murder charge would "invite the jury to go down a path of speculation".

Mr Dann said the prosecution needed to show evidence there was an agreement between Mr Oberin and Mr Johnson to kill Mr Alexander.

The defence counsel submitted there was no direct evidence of any agreement.

Mr Dann said Mr Oberin told witnesses he would go to Mr Alexander's property to collect his stolen gas bottle.

"That's the only direct evidence of what his intentions were of going to the property," Mr Dann said. "He tells witnesses of his plan to go there. Why would he tell people if he was planning to kill Mr Alexander?"

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Mr Dann told the court evidence showed Mr Oberin was inside Mr Alexander's shed during the alleged shooting.

The defence counsel said his client then handed himself in to the Echuca Police Station four hours after the alleged murder. The court heard Mr Oberin was captured on police body cameras saying "I'm innocent".

"There's no evidence he would involve himself in a situation where someone would be murdered and then hand himself into police - it doesn't make sense," Mr Dann said.

Crown prosecutor Patrick Bourke said there was evidence Mr Oberin had a particular animosity towards Mr Alexander.

Mr Bourke said that stemmed from both Mr Alexander's relationship with Mr Oberin's ex-girlfriend and the allegations of stolen property.

The prosecutor said there was evidence of an agreement between Mr Oberin and Mr Johnson, as they had driven together to Mr Alexander's property in the early hours of September 13.

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Mr Bourke said Mr Oberin knew there was a shotgun in the car and did not react when Mr Johnson allegedly fired the first gunshot in the air.

The prosecutor said witnesses did not hear Mr Oberin make demands for the stolen property.

Mr Bourke said there was enough evidence for a reasonable jury to convict Mr Oberin on the charge of murder.

The prosecutor said if Magistrate Kelly was not satisfied, Mr Oberin could be committed on alternative charges of unintentional killing in the course or furtherance of a crime of violence, or manslaughter.

Magistrate Kelly said he would need some time to consider and adjourned the decision to next month.

Mr Oberin made no application for bail and was remanded in custody.

Mr Johnson was also remanded in custody. He is due to face the Supreme Court for a directions hearing in March.

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