Released Monday for public comment, the EES is the culmination of years of technical studies and consultation for the project, and estimates Beaufort's economy could take a $5.2 million hit.

Following the submission period, the report and the draft Planning Scheme Amendment must be approved by the state planning minister before land acquisition and compensation can begin, meaning any construction is likely still years away.

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The report documents also prominently notes there is no construction funding attached yet.

One currently occupied dwelling will be removed during construction, and a newly-discovered scarred tree may be "impacted" along the route, while at least 348 large trees will need to be removed.

The route involves a new bridge over the Ararat rail line, three interchanges at the east and west sides of town and at the Beaufort-Lexton Road, and several other bridges over waterways and roads.

Confirmed as Regional Roads Victoria's preferred option in 2019, the 11 kilometre, 147 hectare bypass route heads north from the current Western Highway around the town.

It's estimated Beaufort businesses will lose about 16 per cent in revenue from highway traffic post-construction, despite what the report optimistically reports as a spike during construction, particularly in accommodation.

"This estimate represents the initial impact attributed to bypassing. There would be an opportunity to reverse the losses and even increase the revenue base relative to the no-bypass scenario if targeted steps are taken to broaden the town's appeal to visitors and grow the residential population," the report states.

"Once the project is operational, an uplift in revenues for local businesses due to improved township amenity, safety and environment from the reduction in through-traffic (especially heavy vehicles) through the town centre is a possibility."

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The bypass is estimated to save two minutes of travel time and help stop "queuing" behind slow vehicles, which the report states is becoming an "increasing" problem.

It also notes there were nine crashes between 2016 and 2020, and "seven of these crashes have occurred on the Western Highway between Smiths Lane and Martins Lane, including one fatality".

It's noted the scarred tree was found during the ground surface survey, and "(a)s the construction of the project will directly impact this site and impacts will be permanent, the rating of impact to the scarred tree is considered to be high".

"The preparation of a draft Cultural Heritage Management Plan has been commenced and will be completed during the detailed design phase to protect and manage any known Aboriginal values (tangible and intangible), as well as manage any unexpected Aboriginal cultural heritage finds identified during the construction of the project," it states.

Another 22 private landholders are expected to be "permanently impacted", with 47 private parcels of land to be acquired.

"One dwelling has been identified as being directly impacted by the project, which will result in the displacement of the existing residents," the report states.

Pyrenees Shire Council mayor Ron Eason said council will be going through the report in detail before making an official submission.

He called for the project to "include everybody", and provide certainty with a timeline.

"It's a major step forward in the process for getting the bypass up and running," he said.

"It could be years away, or it could happen very quickly with election promises - who knows, we'll take every step along the way as we can.

"I think most people in the town now understand the bypass will happen, but it's the uncertainty of not knowing when and what we have to do, on top of what will normally happen with a bypass.

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"Each shop, each business will be going through their own assessments of what they need to do."

The full EES is available online, and will also be in hardcopy for viewing at the Beaufort Community Resource Centre and Library, the Beaufort Pyrenees Shire Council office, the RRV office in Wendouree, and the DELWP Ballarat office on Mair Street - residents can also request a USB with the documents.

The public consultation period ends on May 13, and can be made online through Engage Victoria.

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