Cid Harbour, located in north Queensland's idealic tourism hotspot the Whitsunday Islands, has recently become notorious for shark attacks following the mauling of two people in September this year.
The man was airlifted with critical wrist and leg injuries to Mackay Base Hospital, where he was rushed to surgery upon arrival.
The death comes just two months after two tourists were injured by sharks in the same area.
Doctor friends tried in vain to save a paddleboarder savaged by a shark in a fatal attack described as "the worst one yet" in Australia's Whitsunday Islands.
Following those attacks, local authorities conducted a culling of sharks in the area, capturing and killing at least four, including a 3.7 metre tiger shark.
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Queensland Water Police, the Boating and Fisheries Patrol and Great Barrier Reef Marine Park Authority will all be present on the water in the Cid Harbour area this week.
The Queensland government yesterday ruled out shark control measures - including drumlines and shark nets which are already in place at 86 Queensland beaches.
After the attack the man was pulled aboard a nearby boat. "A bright spark in the lives of many at Western Health", Dr Eleftheriou said.
"They all have different feeding strategies, however all of those sharks like and enjoy to take things on the surface because when it attacks it prey has now here to go whereas when it's in the water it has 360 degrees to escape".
"All the agencies are working together to ensure people are being warned in the area now - do not swim in Cid Harbour", he said.
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Queensland Fisheries have deployed drum line shark baits in Cid Harbor in response to the shark attacks, according to reports. A 12-year-old tourist, Hannah Papps, was attacked in the same harbour while swimming from a yacht the next day, losing a leg.
Mr Furner said he had also heard anecdotal evidence of people dumping food from yachts, which was attracting sharks.
However, Tourism Minister Kate Jones said they were sticking with their decision on Tuesday not to put in drumlines.
"What the tourism industry is saying to me is that they want long-term solutions, not knee-jerk reactions and that's exactly why we intend to sit around the table with the scientific experts and the tourism industry to work on solutions", she said.
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