Search continues for missing man after boat capsizes at Lake Macquarie

A desperate search for a missing fisherman is continuing after a boat capsized at Lake Macquarie last night.

Luke Smith was on a fishing trip with three other mates when their boat capsized.

Four men were thrown into waters near Channel Street in Swansea after the small boat they were travelling in overturned about 7.50pm.

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Just before 8pm, JD, Chris and their friend Billy had pulled up in their tinny when they came across four mates.

"We were sitting at the jetty having pizza with them, having a talk to them and then they took off on their boat," JD said.

Minutes later, those four men, three aged 23 and one 20, slammed into a buoy and capsized in rough waters.

JD, Chris and Billy ran to their rescue. They saved two men and a third swam to shore.

But Smith was nowhere to be seen.

"Got told that there was one more, tried our best to look for him for a good hour and a half, two hours and there was just no sign of him," Chris said.

Residents were first on scene including Doug Coleman and his wife, who made the triple zero call.

"I ran down to the water and they were yelling, help, help, help," he said.

Megan Hartley's husband helped one of the men suffering from hypothermia.

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"He was in a pretty bad way," she said.

As the sun rose this morning the search for Luke was back on.

A rescue chopper, police divers, family, friends and even locals who never knew him joined.

The search tonight ticked beyond 24 hours and the family's hope was slowly slipping away.

The master of the boat, also aged 23, was taken to hospital for mandatory testing.

Anyone with information into the incident should call police or Crime Stoppers on 1800 333 000.