The state government on Monday announced the funding, which includes about $100 million in rebate schemes to entice people to spend on dining, entertainment and travel within the state.
"We think this is the best way to target support," Victorian Industry Support and Recovery Minister Martin Pakula told reporters.
Victoria will pour another $30 million into its long-running travel voucher program, allowing people to claim rebates when spending $400 or more on accommodation, experiences, tours or attractions.
Mr Pakula anticipates the latest 150,000 vouchers will be available by mid-March, well before the Easter holidays.
The Melbourne Money scheme will also return, with $10 million to lure diners back into the city's bars, cafes and restaurants.
Melbourne Lord Mayor Sally Capp said the payback scheme, which will give diners rebates of 25 per cent on bills between $40 and $500 from Monday to Thursday, will be available from March 7.
"The Omicron fog is lifting. COVID caution is turning to COVID confidence," she said.
The concept will be extended to a $30 million program to provide rebates on food, wine and experiences in regional areas, while a further $30 million has been set aside to reimburse patrons for tickets to theatres, live music venues, cinemas, museums, galleries and other events.
These rebates will likely become available towards the end of March, Mr Pakula said.
In addition, businesses will share in $60 million to purchase equipment to reduce the spread of COVID-19 and another $34.2 million will be used to place workers in more than 1500 jobs in hospitality, warehousing, logistics, tourism and food processing.
Espresso Lounge owner Spiros Rombotis said the Melbourne rebate program wouldn't help his Collins Street cafe as most customers spend less than $40, and low foot traffic is currently crippling his business.
"It's been dire straits. Unless we get people back ... we'll go under," he said.
Opposition spokesman for CBD recovery and small business David Southwick described the package as a "sugar hit", calling on the government to immediately lift the state's indoor mask mandate and work-from-home recommendation.
"Businesses don't need handouts, businesses need customers," he said.
Health Minister Martin Foley last week flagged both measures could be repealed as early as Friday, but doesn't want to pre-empt chief health officer Brett Sutton's advice.
"Clearly the data, since we made that announcement, continues to trend in the right direction," he said.
Victoria recorded three more COVID-related deaths and 5611 new cases on Monday, taking the state within 2000 of tallying one million infections since the pandemic began.
Meanwhile, the state welcomed its first international tourists in two years as a flight from Singapore touched down at Melbourne Airport on Monday morning.
Melbourne Airport chief executive Lorie Argus said the arrivals marked a "critical turning point for aviation", ahead of more international flights landing throughout the day.
The flights signal the first operational day for the state's new $200 million quarantine hub at Mickleham, which will welcome its first cohort of unvaccinated international travellers on Monday.
VICTORIA'S LATEST COVID-19 FIGURES:
* Hospital cases: 361, up three
* Intensive care cases: 49, down two
* Ventilated cases: 11, down one
* Positive PCR tests: 1507
* Positive rapid tests: 4104
* Active cases: 45,278, down 1425
* Victorians 18 and over with three vaccine doses: About 55 per cent.
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