Was told the highway was closed due to bridge collapse from floods,which is next fastest route to Warrnambool
Princes Hwy between Geelong and Warnambool is fine, takes about 2 hrs, add another 2 hours if you want to tackle the Great Ocean Rd.
For Iphone owners download the Vicroads application, very handy
or got to http://mobiletraffic.vicroads.vic.gov.au/floodalerts