Man dead, two safe after fishing boat capsizes on NSW south coast

A man has died and another man and a four-year-old boy have been rescued after a boat overturned on a fishing trip on the NSW south coast.

Police say the boat set out from Currawong at about 10am on Thursday but capsized three hours later in waters near an area called Drum and Drumsticks near Jervis Bay.

A 39-year-old man and the boy made it to nearby rocks, but the second man, 53, was unable to make it out of the water, police said.

The alarm was raised when the trio failed to arrive home on time and a search was launched.

Polair found the man and the boy on the rocks and winched them to safety.

They were taken to hospital suffering minor injuries.

The body of the 53-year-old man was discovered in the water a short time later.

A report will be prepared for the Coroner.