The Australian Maritime Safety Authority detected a 406 EPIRB distress beacon registered to the shrimp trawler at about 3.15pm on Thursday.
AMSA made telephone contact with the skipper who advised that the vessel was rapidly taking on water and the two people on board were preparing to abandon into a liferaft.
A police vessel and rescue helicopter were tasked to the distress location and arrived within an hour.
The skipper had been asleep when the boat started taking on water, and when he was rescued, complained of chest pain.
The two persons were rescued by the police vessel and transferred to Mooloolaba, Queensland.
Attempts to salvage the vessel were unsuccessful and it sank in 50 metres of water.
Read more here:
https://www.brisbanetimes.com.au/national/queensland/two-rescued-as-vessel-sinks-on-sunshine-coast-20191024-p5340n.html