Man killed after boat capsizes near Victorian holiday spot

A man has died and another has been rushed to hospital after their boat capsized in waters off Victoria's east coast this morning.

Emergency services were called to Reeves Channel in Kalimna, near Lakes Entrance about 10am after passing boats spotted the men in trouble.

One of the men was pulled from the water unconscious by good Samaritans but died at the scene.

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The second man was taken to hospital with non-life-threatening injuries.

Both are yet to be formally identified.

Police will prepare a report for the coroner.