Paynesville is around 15 minutes drive from Bairnsdale. A small bus runs several times daily between the towns. The road between Paynesville and Bairndale has a consistently wide hard shoulder, and it is a nearly dead flat 14km ride from Bairnsdale alongside the Mitchell River. There is even a short diversion along a cycle path by the side of the river - although travelling this way involves a climb at the end of the path.
Trains service Bairnsdale from Melbourne three times daily, and carry bikes.
You can also travel to Paynesville by boat. You can moor at the jetty in front of the town centre for 4 hours free of charge - for longer stays there are plenty of marina and mooring options.