Victoria must get all the funds it is entitled to from the Turnbull government for the sale of the Port of Melbourne, despite Treasurer Tim Pallas' "buffoonery", Opposition Leader Matthew Guy says.

Canberra and Spring Street are locked in a standoff over the state's entitlement to a Commonwealth payment for the $9.7 billion 50-year lease of the Port of Melbourne.

Victorian Opposition Leader Matthew Guy says the state should get what it's owed from the $9.7 billion sale of the Port of Melbourne. Credit:Paul Rovere

Under the asset recycling scheme set up by former treasurer Joe Hockey, states were to be given a bonus payment of 15 per cent from the federal government for any asset privatisation as long as the funds were used for major infrastructure.

But following Monday's huge windfall for the Victorian government, Treasurer Scott Morrison said Victoria would only get $877.5 million as outlined in the budget because the Andrews government had not met a deadline for agreement on what the money would be spent on.