But the wages dispute has not been resolved, with negotiations to continue in 2024.

In the meantime, members will receive a 1.75 per cent "good will" pay rise backdated from December 1.

The union has been pushing for a nine-day fortnight for members and Mr Gatt said he was still committed to a further four per cent pay rise on top of the backdated payment.

But that is above the state's three per cent cap on annual wage increases for public sector workers.

A planned vote on stepping up industrial action was set to open on Christmas Eve but has been scrapped.

If successful, it would have resulted in most speeding drivers escaping penalties and changes to policing of major events including the Australian Open.

Mr Gatt warned the union reserves the right to resume industrial action.

"We'd have no hesitation in considering the escalation that was planned to commence or recommence if it needs to," Mr Gatt told reporters on Wednesday afternoon.

Victoria Police said it had signed an agreement to extend the current enterprise bargaining agreement until May.

"We will explore the feasibility of implementing nine-hour shifts for police provided it can be achieved within agreed rostering principles, current resourcing levels and government wages policy," it said.

"We continue to negotiate in good faith with the Police Association Victoria with the view of achieving a long-term agreement that recognises the challenges of policing and is fair for police, protective services officers and the Victorian community."

Health Minister Mary-Anne Thomas described it as a great outcome.

The dispute should never have reached this point, according to Opposition health spokesperson Georgie Crozier.

"Police who do an extraordinary job on behalf of the community shouldn't have been strung along for so long," she said.

"It's a really sad state of affairs that the police force have had to go to the length that they had to."

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