Premier Daniel Andrews has defended the new grand final public holiday against fierce criticism, arguing it is not only about the economic impact but the benefits to families.

Asked by 3AW host Neil Mitchell if the minimum cost of $25 million an hour was worth it, Mr Andrews said it was hard to put a price on family time.

"I think there are a lot of families right across Victoria who are really set to enjoy not just a great day with their kids, a great day celebrating footy or going to the regions to enjoy so much of the amazing tourism offering we have, but it is hard to put a price on what family time, and what a bit of a break actually means," Mr Andrews said.