The men had anchored the powerboat 30 metres from shore, and came up to the surface to see a heavy set of waves capsize it.

They managed to retrieve most of their equipment and reach shore.

As mobile phone coverage was virtually non-existent at the scene, a witness ran to the Pebbly Beach Holiday Cabins, where host Yvonne McFarlane called 000.

The Westpac Life Saver Helicopter arrived on the scene, and rescue crew officer Harley Dengate was dropped at the shore, where he spoke to the two men.

“I made sure they were both okay and they said they had a friend coming to pick them and the boat up,” he said.

A friend arrived in an inflatable boat and took the two men and the vessel, which they had righted, back to Batemans Bay.

“It had been a nice day, but it was just one set of waves,” Mr Dengate said.

A family of four drowned in October 2011 when their boat overturned near Yellow Rock, in the mouth of the Clyde River.

Emergency services have urged boaters to take care and wear lifejackets.