Fisherman dies off southern Vic coast

One fisherman has died and another has been winched to safety after their boat got into trouble off the southern Victorian coast.

Maritime authorities picked up a distress signal from a boat in trouble at Walkerville South near the Wilsons Promontory National Park about 8am (AEDT) on Sunday.

The ambulance helicopter located two men in the water approximately 2km off shore.

One man died at the scene and the other has been taken to Latrobe hospital in a stable condition.

Police will prepare a report for the coroner.

The death comes as police search for another fisherman missing after his boat upturned near Phillip Island early on Sunday morning.