Portland Bay, Victoria
I failed to note the exact location of this shot, but the water is Portland Bay. This is about an hour's drive from Port Fairy, so I suspect it's still fairly close to Portland. If I were to guess, I'd say it's somewhere along the Allestree to Narrawong stretch of the Princes Highway (very loosely 38°16′08.92″S, 141°40′32.27″E) (Google Maps). The road is still quite close to the water at this point.