Sam Sgroi, 47, was one of five people on board the 4.9-metre Shark Cat when it overturned off Maloneys Beach near Batemans Bay shortly after 1.30pm.
Eleven-year-old Georgia Sgroi was found clinging to the hull and was pulled from the water relatively unscathed.
A short time later, the bodies of Georgia's 10-year-old sister Giana, 73-year-old grandfather Con and grandmother Tina Sgroi, 66, were found. They could not be revived.
Police have been told the girls were on holiday from Victoria with their grandparents, who live in the Batemans Bay area.
Today’s search resumed at first light and involved water police from Eden, the police airwing, Polair, and four marine rescue vessels.
Giana's sister, Georgia, 11, was rescued after she was found clinging to the boat's hull.
Mr Ballette, with the help of his brother and local fishermen, pulled three people from the water and was also involved in the search for Mr Sgroi.
"We just tried our absolute best to find them and get them out of the water, but sadly it isn't always a happy ending," Mr Bellette said in a release on Tuesday.
He said, 11-year-old Georgina was "fairly distressed" when he rescued her.
"The girl was fairly distressed which is understandable as her family was missing."
Surf Life Saving NSW manager Dean Storey praised the rescue efforts.
"Anthony, Michael, and all the other members who took part in the search should be incredibly proud - as a team they worked very well together in this tragic incident," he said.
Hopes of finding Mr Sgroi alive have all but been lost and a police spokeswoman told AAP it was "highly unlikely" the search would resume.
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