The $9.2 million upgrade was announced by the state government on Wednesday.

Minister for Energy, Environment and Climate Change Lily D'Ambrosio said the upgrade to the lookout would cater for more increased visitor numbers.

The new lookout, which is situated on Kirrae Wurrung Country, will have two "clapsticks" the colours of the Ngayook (Sulphur Crested Cockatoo) and Ponponpoorramook (Red Tailed Black Cockatoo).

Parks Victoria partnered with Eastern Maar Aboriginal Corporation on the design, which was also discussed during community consultation in 2018.

The project will be the second delivered as part of the Government's $16.5 million investment in stage one of the Shipwreck Coast Master Plan.

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"This exciting project on Kirrae Wurrung Country will improve visitor experiences and support new opportunities for jobs and the local economy," Ms D'Ambrosio said. "This is a special natural and cultural landscape and one which this government is protecting and improving for future generations."

Member for Western Victoria Gayle Tierney said it was great news for the region.

"I'm delighted to see this incredible project, which reflects the resilience and history of the Eastern Maar peoples,get off the ground," Ms Tierney said. The Shipwreck Coast encompasses 28 kilometres of coastline in the south-west, attracting more than five million visits a year.

The masterplan caters for a large increase of visitors to the area.

"With visitor numbers to the Shipwreck Coast continuing to grow rapidly, improved infrastructure will provide a better, safer and more connected experience taking in the many attractions on the Shipwreck Coast and its hinterland, including the Twelve Apostles, the Blowhole and the Bay of Islands and local townships like Port Campbell, Timboon and Cobden," it states.

"Over time, realisation of the Shipwreck Coast Master Plan is projected to deliver an increase of $254 million in annual spending and the creation of 3834 jobs for Victorians.

"It aims to protect, enhance and celebrate the Twelve Apostles, one of Australia's most recognisable and visited natural attractions."