The body found on Victoria's Mt Bogong is that of missing snowboarder Daniel Kerr, police have confirmed.
Mr Kerr, 32, and his friend Martin Buckland, 33, failed to return to Melbourne on Saturday from their snowboarding trip to the Eskdale Spur area of Mount Bogong.
Searchers continue to look for Mr Buckland. It is believed the two men may have been caught in an avalanche.
Inspector Dave Ryan from Wangaratta police said his body was dug out of the snow about 400 metres down a slope on Eskdale Spur.
"We've got one male who has lost his life and we are still searching for the second male, but we don't know the identity of the deceased at this stage," he told reporters at the scene.
Inspector Ryan said the families of both men were informed soon after the body was found about 10.30am on Monday.
"I have spoken with both families and it is a very tragic time for them. We really do feel for them," he said.
There is little hope the second man survived, Inspector Ryan said. "Essentially we are trying to recover the second body."
Inspector Ryan said there had been an average of one high country snow rescue a week recently.
He urged snow-goers to develop a better understanding of the snow environment, focus on pre-planning and assessing the weather, advise loved ones where they are going and invest in good safety equipment.
The missing men were highly experienced and were well equipped, he said.
"The tragedy now is that a couple of nice young blokes have lost their lives thinking they were doing everything right, so we really need to make sure everybody is aware of what the real risks are of playing in the high country," he said.
Inspector Ryan said searchers are trying to follow an electronic signal they believe may lead them to the second man. The source of the signal is not known.
Weather conditions for the search will worsen tomorrow.
"Conditions on top of the hill are still quite good. Some fairly high cloud coming in but we would really hope that this is wrapped up today because conditions tomorrow will really make it quite challenging."
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