Posted by 
Search crews have recovered the wreckage of a light plane after it collided with a second plane and crashed into Victoria's Port Phillip Bay.
Two people reportedly on board are still missing as search crews scour the area.
Flight radar vision showed two former military planes flying in formation before the crash this afternoon.
READ MORE: Man arrested after mother killed, daughter injured in Perth
One plunged into the ocean off the coast of Mount Martha, 50 kilometres south-east of Melbourne, about 1.45pm.
The Australian Maritime Safety Authority confirmed search teams had found wreckage in the area.
The items pulled from the water included orange debris, a beacon floating device, and a plane tyre.
It was followed by an emergency call confirming one had plunged into the ocean.
The second aircraft landed safely back at Essendon airport after the ordeal, with significant damage.
READ MORE: Man charged after two men allegedly stabbed at Sydney bus stop
AMSA, Victorian Water Police and Volunteer Marine Rescue units are overseeing the search, combing the ocean for any signs of life.
Police set up a mobile command centre on the cliffs with other emergency services.
The Australia Transport Safety Bureau is expected to investigate.
