Jamie Robertson, 41, was winched to safety near Khancoban by the Westpac Lifesaver helicopter team on Tuesday morning.

A spokeperson from the company said he was in a "satisfactory condition".

But the outlook wasn't so good yesterday, Westpac Lifesaver CEO Steve Leahy said.

Rescue crews had located Mr Robertson's abandoned kayak grounded on rocks in NSW's Kosciuszko National Park on Monday afternoon.

The helicopter was flying in a team of Victorian police officers to continue the search on foot on Tuesday morning when they spotted Mr Robertson sitting next to his vessel.

He was flown to nearby Khancoban where he received medical assistance.

Mr Leahy said Mr Robertson, who he believed to be a member of the Navy, had hiked up a ridge to gain his bearings after his kayak flipped on Sunday.

The alarm was raised after he failed to arrive at his destination, Grassy Flats, at 3pm.

He was located six kilometres downstream from the Tom Groggin campground. 

"He's done everything right. He was wearing a life jacket, he had a helmet and he had a water supply in his helmet," Mr Leahy said.

The helmet may have saved Mr Robertson's life - it is understood he smashed his head on the rocky bottom. 

"If there was anything different he could have done that would have helped, it would have been to wear a personal distress beacon, it would have made the search for him quicker," Mr Leahy said. 

"That said we were always very positive we were going to find him alive."