Emergency workers were called to a beach near San Remo, 125km southeast of Melbourne, on Friday morning after reports three people were washed into the water.
One woman managed to get back to shore while an aerial search found a second woman unresponsive in the water.
She could not be revived. A search continues for the man.
Punchbowl Rocks Beach is near the George Bass coastal walk and surrounded by high bluffs, reefs and rocks.
The incident followed a fisherman dying after being swept into water at Wollongong Harbour that morning.
Emergency services were called to Endeavour Drive after 6am following reports a man was pulled from the water unconscious.
The 58-year-old could not be revived.
He had been fishing on a rock wall nearby when he was swept into the water, police believe.
Another man drowned at Mosman on Sydney's north shore on Friday morning.
Emergency services were called to Middle Head Point after 10am after a man is believed to have fallen from rocks into the water.
A body was found in water nearby a short time later
Crews were called to Green Cape near Eden on the NSW south coast about 3pm on Friday following reports of a fisherman being swept off rocks into the water.
Authorities later found a body in the water, which they are yet to identify.
Australians have been urged to take care on the water during the long weekend.
In NSW, the Bureau of Meteorology cautioned residents to take extra care along major parts of the coast due to hazardous surf and swell conditions.
Affected areas include Byron coast, Coffs coast, Macquarie coast, Hunter coast, Sydney and the Illawarra coast.
"Surf and swell conditions are expected to be hazardous for coastal activities such as rock fishing, boating, and swimming in the following areas," the bureau said in a statement.
Over the past 20 years, 118 Australians have drowned during Easter, according to Royal Life Saving Australia.
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