The Victorian Government will establish a night court for magistrates to hear after-hours bail requests, as part of a big shake-up of the system to "make Victoria safer" following Melbourne's Bourke Street tragedy.

Key points: "More serious matters" to now go before new after-hours magistrates court instead of volunteer bail justices

"More serious matters" to now go before new after-hours magistrates court instead of volunteer bail justices Justice Paul Coghlan to look at "entire system", provide advice to Government by April 3 for reform

Justice Paul Coghlan to look at "entire system", provide advice to Government by April 3 for reform 15 people remain in hospital, two in critical condition with "grave fears for their health"

Accused killer Dimitrious Gargasoulas was released by a bail justice days before he allegedly mowed down pedestrians in the mall last Friday.

Five people died, including a three-month-old baby boy, 10-year-old Thalia Hakin, 22-year-old Jess Mudie and 33-year-old Matthew Si. More than 30 people were injured.

Announcing the shake-up, Victorian Premier Daniel Andrews said the tragedy would spark "legitimate questions" and "profound anger".

"All of us feel it. How could this have happened? How could such a tragedy have come to our city? How could so many lives end and so many lives change forever?" he said.

Mr Andrews said while the bail system had undergone many changes in the two years since his Government came to office, it was clear "we need to go much further".

"We need to have a really close look at each and every element of our bail system and we need to make profound change for the future to keep Victoria safe," Mr Andrews said.

He said an after-hours magistrates' court would be established to consider bail applications for people charged with violent crimes when police oppose bail.

Currently, bail justices in Victoria are trained volunteers and are only required to be Australian citizens and not insolvent. Other jurisdictions use on-call magistrates for after-hours bail hearings.

"We think it is an appropriate balance to strike where those more serious matters go before a court as opposed to going before a volunteer," Mr Andrews said.

"That is not, in any sense to undermine or devalue the work that bail justices have done for a very long time … however, when you are confronted with an opportunity and an obligation to make change, it is best to err on the side of caution."

Mr Andrews said "two or three" additional magistrates would be needed to support the after-hours operation.

Sorry, this video has expired 'Nothing off the table': Daniel Andrews announces a comprehensive review of Victoria's bail system.

'Full examination' of bail system

The Government has also asked former Supreme Court judge and Director of Public Prosecutions Justice Paul Coghlan to provide urgent advice about additional changes to the bail system.

"This will be a full examination with the provision of urgent advice which will be provided to the Government by April 3 for legislative change, for reform, for the sort of reform that has to be made to keep Victorians safe and the sort of change that we owe these victims and their families," he said.

"We owe them the hard work, the determination and the completion of those changes."

Dimitrious Gargasoulas, 26, is the suspect in the incident. ( Facebook: Dimitrious Gargasoulas )

Attorney-General Martin Pakula said Justice Coghlan will look at "the entire system from top to bottom more systematically".

"We want him to look at the exceptional circumstances, show cause and unacceptable risk provisions and provide us with advice on whether they are appropriate in the current circumstances," he said.

Mr Andrews said Justice Coghlan would consider the use of technology.

"An area he will go to in his recommendations is how we can best use technology for efficiency, for safety, and to get the very best outcomes," he said.

"If those recommendations come forward, if that advice comes forward, there will be substantial costs in that, but they're not really costs compared to the costs of tragedy, and what happens if you get this wrong."

Mr Andrews said additional resources would also be available to Victoria Police "within days", while the forming of a night court "will take a little longer".

He said extra resources would be available to the Coroner, who is investigating the tragedy and looking at a number of issues, including Victoria's justice system, "given the magnitude, the complexity of the work she is doing".

15 people still in hospital

The Victorian Government set up a fund for the families affected by the incident.

It pledged an initial $100,000 and said anyone who wanted to make a donation could do via the Victorian Government's website, or by calling 1800 226 226.

A vigil is also being planned for tonight, at Federation Square.

Mr Andrews said 15 people remain in hospital, two of whom remain in a critical condition.

"We have grave fears for their health and wellbeing," he said.