A century-old Queen Victoria statue in Geelong has been toppled over and spray painted as the latest target in a string of colonial monuments targeted across Victoria.

On Thursday morning, walkers found the statue on the ground and vandalised with red spray paint reading "THE COLONY CAN FALL" in Eastern Park near the city-centre, according to reports.

The same site was targeted a fortnight ago when it was spray painted with "The colony will fall".

It comes after similar incidents involving British monarch and colonial figures in Melbourne around the January 26 public holiday.

In February, a James Cook was cut from its foundations at Cook's Cottage near Melbourne's CBD.

The latest matter is understood to have been handed over to police, who are looking at CCTV footage for assistance.

"It is a substantial statue, it is very heavy," Senior Constable Andrew Wallers said, via the Geelong Advertiser on Thursday.

"We believe they have got up and ground off we think one bolt.

"It appears they may have managed to rock it off and topple it over."

Apparent video of the Wednesday overnight incident was shared online by self-claimed 'resistance network' Civil Resistance Youth Movement on Thursday afternoon.

Another online account 'the colony will fall' wrote "This statue is now blissfully fallen" in a post including pictures of the statue vandalised but still standing.

"The plinth states 'An empire on which the sun never sets'," the post read.

"What disgusting chauvanism (sic). To suggests the solar system moves around empires. How wrong.

"Anti-imperial, anti-colonial, and anti-capitalist struggle is growing. It's gaining momentum. It's creating hope. It's fostering resistance.

"Change will come.

"Hope lies in a culture of resistance. Hope lies in building systems of care.

"Yes. The shadow of the empire is long, but suns set, and with each morning, we grow closer to a great fall.

"The colony will fall. All colonies must fall."

Speaking to 3AW Radio, former Federal Senator for Tasmania and Australian Monarchist League Campaign Committee, Eric Abetz called the people behind the incident 'imbeciles' and said they didn't reflect the view of wider Australia.

"You don't obliterate history if you do that when you start down the pathway of dictatorship and anarchy; something that Australians don't want," he said.

Asked if he believed understand why some could find colonial monuments offensive, particularly First Nations Australians, Mr Abetz said "No, I don't. With great respect to them" citing Indigenous leaders like Warren Mundine, Senators Jacinta Nampijinpa Price and Kerrynne Liddle, and late Senator Neville Bonner as Monarchists.

He said people responsible for the vandalism were "taking it upon themselves to represent the Indigenous community, which they clearly don't".

In a statement, Greater Geelong Mayor, Trent Sullivan said the vandalism was a waste of public money.

"The City of Greater Geelong has one of the largest public art and monument collections in Victoria," he said.

"Council has a clear plan to ensure there is greater representation of women and First Nations people in our public art collection.

"We aim to do this by funding public art that honours and acknowledges the influence of women and First Nations people within the Greater Geelong region.

"With regards to today's incident, vandalism of any kind has no place in our community and only results in a waste of public money."