Controversial development plans for one of Victoria's most distinctive geological features, Hanging Rock, have been made to vanish.
There were plans to build a 100-room hotel and conference centre alongside the hulking formation - made famous by the disappearance of a party of schoolgirls in the 1975 movie Picnic at Hanging Rock.
However, a $1 million contribution from the Victorian government has ensured the same fate for the proposed development advanced by Macedon Ranges Shire Council.
"Climbing Hanging Rock recently ... enabled (me to have) a clearer understanding of the issues around the proposed commercial development," Planning Minister Matthew Guy said as the deal was announced on Friday.
"This funding, over the next four years, will ensure the future of this vital community asset.
"More people will be able to enjoy the natural beauty of Hanging Rock with proper funding now guaranteed."
The money will pay for ongoing maintenance to existing public facilities at Hanging Rock.
Mr Guy said the Victorian government would also work with the council to strengthen planning protections for the Hanging Rock precinct, to prevent inappropriate development.
The planning changes do not affect current uses on precinct, which includes horse race and music concert events.