The man was taking pictures from a rock at the mouth of the Sherbrook River in Port Campbell National Park when a large wave swept him into the water, Reuters reported.
A rescue boat with three aboard was deployed but flipped over in the surf.
“One of the rescuers and the man in difficulty were winched from the water by an emergency helicopter,” the police said in a statement. The man was listed in a stable condition whereas the surviving rescuer was listed with more serious injuries.
“The bodies of the remaining two male rescuers were located in the water,” the police said.
Port Campbell is on the Great Ocean Road, a scenic 243-kilometer (151 miles) stretch of road along the south-eastern coast of Australia and one of the world’s most famous coastal routes.