Former Prime Minister Paul Keating says Victorians should regard the Liberal Party's decision not to run a candidate in the Labor-held inner city seat of Richmond with “high cynicism”.

Richmond is held by Planning Minister Richard Wynne, but is shaping as one of Saturday’s most fascinating battles as the Greens’ Kathleen Maltzahn tries for a third time to win the seat.

The intervention in the Victorian election by Mr Keating, prime minister from 1991 to 1996, comes as campaigning in the marginal seat – which Labor holds by just 1.9 per cent – reaches a crescendo.

Paul Keating weighs in to the battle for Richmond to back Richard Wynne Credit:Peter Braig

Both the Greens and Labor believe Saturday’s vote will come down to the wire in the seat covering suburbs including Richmond, Fitzroy, Abbotsford, Collingwood and Clifton Hill.