Ballarat MP Catherine King and federal Labor's arts spokesman Tony Burke made the $5 million election promise in the 144-year-old theatre on Wednesday.

The next works will make the arts icon Disability Discrimination Act-compliant, with additional restoration works and lifts to be created for back and front-of-house. Foyer spaces will also be extended.

City of Ballarat's Disability Advisory Committee member Sharon Eacott said the arts were about telling stories which resonate with each person, and "people with disabilities are part of our stories".

"If they can't come and see their stories, there's no point. We need to be part of that story-telling process and be part of the community watching and helping to interpret them," she said.

"That's what makes us richer as a community. So this is huge, it's very, very important."

In a text message, Ballarat Liberal Party candidate Timothy Vo said he "won't be matching (the Labor commitment) at this stage" for Her Majesty's Theatre.

With no access to Her Majesty's Theatre for its major competition 2018, the Royal South Street Society lost $200,000 last year due to entrant numbers being down around 18 per cent.

Board member Peter Zala said the announcement was "enormously important" for the society's 'spiritual home' to survive and thrive.

"Schools and colleges which bring big audiences and a large amount of competitors virtually boycotted us last because we were not in Her Maj Theatre," he said.

"So from a financial point of view, getting back in is very important."

Mr Zala said it was "terribly unfortunate" people with disabilities could not fully access the theatre, so when new works are completed Her Maj would have a "new lease on life".