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Jack Strickland had a GoPro camera strapped to his chest when he and his friend Aaron Gallagher went diving for fish, A Current Affair reports.
Mr Gallagher was holding his breath as he chased a dog-tooth tuna 17 metres underwater, but when he eventually speared it the fish started to drag him deeper.
Vision of the incident shows Mr Gallagher struggling and spewing out bubbles as he sinks deeper into the water.
Mr Strickland frantically followed them and heaved his friend to the surface before giving mouth to mouth resuscitation on their boat.
“It was terrifying. His eyes were rolling back into his head and he wasn’t breathing. Having my mate dead in my arms was terrifying,” Mr Strickland said.