In a strongly worded speech to be delivered to his state council on Sunday, Mr Guy will warn that thinking about women's representation "10 minutes before pre-selection nominations close" is not a solution to the party's gender gap, and that much more needs to be done to recruit Liberal women into politics.

With two years until the next election, the Opposition Leader will unveil an ambitious target to lift the Liberals' female representation by a further 10 per cent at every poll, rising from 27 per cent this year to 37 per cent in 2018, and to almost half by 2022.

And in a bid to boost the chances of achieving that goal, he will also outline plans for a new group – Women To Win – which will be responsible for recruiting, training and mentoring women in hope that more will seek preselection.

"We are at our best when our team reflects a contemporary Victoria; both in gender and broader diversity," Mr Guy will say in his speech.

"It's a challenge that we must all be ambitious for – it's a challenge especially for the Party leadership – both in the Parliamentary Party and the Administrative Committee. And if we want more women in our state parliamentary ranks then we have to get serious. Thinking about the issue 10 minutes before pre-selection nominations close is not a solution. It's an excuse."

The 10 per cent election target is believed to be the first time a Victorian Liberal leader has set a clear goal to address the party's gender imbalance in state parliament.

While the Liberal party has traditionally had equal representation within its organisational wing only 12 out of 44 Liberal MPs at Spring Street are women. They include upper house leader Mary Wooldridge, former minister Louise Asher, and newcomer Roma Britnell, who won a byelection in Denis Napthine's country seat last year after the former premier quit politics.

The party's new Women To Win group is modelled on a successful UK program, and will be headed by former state MP Andrea Coote.

But Mr Guy said it was incumbent on all Liberals, particularly those who had been members for years, to encourage and mentor young women to be active in Liberal branches. "Then, as has always been the case... local members will choose the best candidate."

Mr Guy's plan for broader representation comes after Prime Minister Malcolm Turnbull attended the Liberal state council on Saturday, for the first time since he replaced Tony Abbott.

In a broad ranging address, Mr Turnbull took aim at Bill Shorten's links to the union movement, reiterated his support for the East West Link, and warned that next's month's budget would not contain "a fistful of dollars."

"All Australians concerned for the future economic security of our country have to accept the reality that we must live within our means," he said.

Earlier on Saturday, delegates were told that the party had overhauled its financial structures after former state director Damien Mantach embezzled about $1.5 million from head office, in one of the most damaging scandals to hit the state branch.

However, months after Mr Mantach was caught, the incident still continues to haunt Liberals, underpinning an internal power struggle within party ranks and the shock resignation of treasurer Andrew Abercrombie on the floor of state council.

Party president Michael Kroger had made no secret of the fact that he holds past members of the Liberal administrative wing largely responsible for not identifying the fraud sooner – including Mr Abercrombie.

But Mr Abercrombie used his annual speech to defend himself against what he described as "misinformation" over the incident. And in an unexpected move, the long-serving treasurer – who was being challenged for re-election on the Liberal administrative committee by one of Mr Kroger's allies, Russell Hannan – suddenly withdrew from the contest.

Sweeping reforms have been initiated to protect the party's finances from future theft, including the establishment of the appointment of a full-time chief financial officer, an enforceable code of conduct for contractors, and more ASIC checks "where appropriate."