A freak wave hit the boat of three men out on an overnight fishing trip, not wearing lifejackets.
Another man was found nearby clinging to an empty fuel can.
Rescuers say the two survivors, believed to be aged in their 30s, could have also died if it had not been for the emergency beacon on their 5.6 metre boat, which had only been bought the day before.
They were treated for hypothermia after being winched from the water north-east of Cape Moreton, near Brisbane, Australia, and an investigation is underway.
See video here:
http://www.9news.com.au/National/2015/08/09/10/36/Trio-pulled-from-water-in-Moreton-Bay
and read more here:
http://www.theguardian.com/australia-news/2015/aug/09/one-dead-after-boat-capsizes-off-brisbane
http://www.sunshinecoastdaily.com.au/news/beacons-a-pot-of-gold-epirb/2735497/