Opposition leader Daniel Andrews visited the marginal seat on Friday, vowing to spend $50 million improving the station and surrounding area.

"The gateway to Frankston can be much better," he said.

"We are not going to talk about it, we are going to get on and do it if we are given the great honour of governing Victoria after November 29."

Following Labor's announcement, the Liberals declared they would commit $33 million to revitalise the area.

Frustrated locals have been calling for the train station precinct to be fixed for decades, raising concerns about the ground level train tracks, location of the bus interchange and drug use in the area.

The first promise to improve the precinct was made 39 years ago by then Liberal Transport Minister Ray Meagher.

Mr Andrews pulled into Frankston in the ALP's big red campaign bus, which, perhaps provocatively, stopped in front of maverick MP Geoff Shaw's electorate office. He was joined by his wife Cath, Labor candidate for Frankston Paul Edbrooke, Carrum candidate Sonya Killkenny, and the opposition's transport spokeswoman Jill Hennessy.

Mr Andrews said the project would be completed by 2018- and would include a permanent police pod similar to the one at Flinders Street station, a multi-storey carpark, the relocation of the bus interchange and a "state of the art transport hub".

He said Labor would set up a task force within 100 days of winning office to fast track a plan for the station precinct including Young Street, in consultation with the community.

"For too long politicians have talked about cleaning up Young Street," he said. "I'm not going to talk about it, I'm going to get on and do it."

Transport Minister Terry Mulder said a re-elected Coalition government would also improve the station, build a new six-level, multi-deck car park and realign Young Street to improve safety and provide more room for pedestrians.

"All Labor has announced today is a committee. No detail, no real plan," he said.

"Frankston residents know their train services are far better than they were under Labor. They won't be fooled by a committee that may never produce anything. The Coalition will start construction work early next year."

Frankston is held by Liberal-turned-independent Geoff Shaw by a slim 0.4 per cent margin after a redistribution. It is one of a handful of critical seats that could determine the outcome of the election.

Mr Shaw said while committing to fixing the station precinct was "fantastic" people would see through the promise.

"They waltz in here at the last minute and make all these grandiose promises."

Former mayor and convener of the Frankston Community Coalition, Christine Richards, said Frankston residents were "ecstatic" about the announcements but it was vital the bus interchange was moved.

"Finally the major parties are giving Frankston the attention it deserves. The train station is a problem that has held Frankston back for decades."

Councillor and outgoing mayor Darrel Taylor welcomed the announcements, saying they were a "no brainer".

"This is a city-changing investment and it's a huge boost for Frankston."