Two men have drowned in fierce swell at a Melbourne beach as a severe weather system wreaks havoc across Australia's southern states.

Emergency services were called Frankston Beach this afternoon following reports two men were in trouble in the water.

Police Air Wing conducted a search of the water, where the pair were found unresponsive just after 5pm.

The men, who are yet to be formally identified, were winched back to shore but could not be revived.

Police will prepare reports for the coroner.

Wind gusts peaked at 120km/h in parts of Victoria this afternoon as a severe low pressure system brought down trees and cut power to thousands across the state.

The weather system is expected to continue to sweep across Victoria towards NSW overnight, with conditions expected to stabilise t

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