Magistrates will now handle serious Victorian bail matters after the man accused of the Bourke St tragedy was bailed just five days before the attack.

Volunteer bail justices will no longer be used for serious matters in out-of-hours decisions, with extra magistrates now on-call.

Victorian Premier Daniel Andrews also says "nothing will be off limits" in a review of the state's bail system.

"Each of the families and those victims are owed nothing less than the hard work required and our singular focus to make the change necessary to make Victoria safer," he said.

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He said "no expense will be spared to get this right", and extra magistrates and resources would be engaged.

The man accused of killing five people in Bourke St on Friday, Dimitrious "Jimmy" Gargasoulas, was bailed against the wishes of Victoria Police five days before Friday's attack.

Former director of Public Prosecutions Paul Coghlan will review the entire bail system. He has a deadline of April 3 to provide the Government with urgent advice on changes.

Attorney-General Martin Pakula said Coghlan's review would look at the balance between community protection and the presumption of innocence. "We want him to look at the current exceptional circumstances, show cause and unacceptable risk provisions and provide us with advice on whether they appropriate in the current circumstances," Pakula said.

Chief Magistrate Peter Lauritesen has been working with the Government to make the changes.

Andrews said it was expected two to three additional magistrates would be made available "within days".

Police Association of Victoria boss Ron Iddles said "we need 24/7 magistrates available to hear these sorts of applications".

Victims of Crime Commissioner Greg Davies said people shouldn't blame police for Friday's tragedy when the man should have been behind bars.

"Not one aspect of it would have taken place if he had been remanded in custody," Davies told ABC 774.

- AAP