In short:

Phillip Island will host its final MotoGP race at the end of October before the race moves to Adelaide in 2027.

The GP and World Superbikes inject about $80 million into the island's economy each year.

What's next?

Businesses, councillors and the island's tourism board are calling for government support.

Every October, Phillip Island emerges from a sleepy winter season and roars to life with the sound of motorcycles travelling in convoy to the MotoGP.

The weekend of racing turbocharges the island's summer tourism season, culminating in the World Superbikes event in February.

But Cowes and the broader island community are preparing to host their final MotoGP later this month at the picturesque cliff-side track, before the race moves to its new home in Adelaide from 2027.

The loss has hit businesses and residents hard, with many reeling emotionally and financially.

Part of the island

During the 1990s, Bass Coast Shire Council Mayor Brett Tessari worked at a caravan park on the island.

"The vibe of the motorbikes coming in and the people, it was awesome," he said.

"I remember being stuck on the [Phillip Island] bridge, trying to get over back to Wonthaggi and people were starting up barbecues and cooking sausages on the side of the road because we were at a standstill," Cr Tessari said.

"Things like that are just etched in your memory.

"To be the mayor, unfortunately, at the last one, it's pretty surreal and quite sad."

For the past decade, Samantha Hampstead has run a tattoo business in Cowes with her husband Jason.

They are both members of the social motorcycle club Trust No One, and are key organisers of the annual community motorcycle convoy that heralds the start of the motoring weekend.

"We do it because of the love of the ride," she said.

"It's a full-blown rush when you have all these riders together.

"You look in the mirror and you can see this full parade of bikes behind you and it just goes on forever."

Ms Hampstead said for many business operators the weekend was their busiest time of the year.

"It's part of the island," she said.

San Remo Fisherman's Co-Op chief executive Wolfgang Platzer said the GP brought thousands of visitors to the island who may not otherwise have visited the region.

"There would be a large portion of people that come here for the GP and see that the island and the area is very beautiful and then might think about, oh, we'll come back because we liked it and it was so beautiful," he said.

Thinking beyond the track

Phillip Island is the state's most tourism-reliant region.

According to Destination Phillip Island (DPI), more than $80 million in annual economic activity is linked to the World Superbikes and the MotoGP.

The accommodation sector is the island's largest employer, according to the Australian Bureau of Statistics, accounting for almost 4 per cent of jobs.

Cafes and restaurants are the third-largest employer.

DPI chief executive Kim Storey said while the event's loss had accelerated the need to broaden the island's outlook beyond motoring events, the role the track had played could not be understated.

Economic uncertainty, a lack of infrastructure such as a car ferry and the potential toll of the H5N1 virus on the island's wildlife were all cited by DPI as upcoming barriers to success.

"The MotoGP has provided that platform of security and the resource for businesses," Ms Storey said.

DPI and Bass Coast Shire Council have called for government funding to help develop new events, such as The Hills are Alive music festival, the Island Whale Festival, the island hot springs, and a new festival of motorsports to capitalise on the island's motoring history.

One Nation candidate for Bass Nikole Schellekens, Liberal candidate Rochelle Halstead and Labor candidate Chris Buckingham were asked what commitments they would make to the island's economy if elected at the November state election.

All three candidates stressed the importance of tourism for Phillip Island and support for ongoing development of the island's resources.

At the San Remo Fisherman's Co-Op, Mr Platzer said while everyone was feeling the loss of the race, the community would have to adjust.

"I think it's more important to find solutions, find alternatives instead of saying how long do we want to be miserable about it," he said.