The suspected wreckage of a missing helicopter has been found in Victorian forest and police are preparing a ground search for the five people on board.

The helicopter was one of two that left Melbourne CBD on Thursday morning, flying in convoy over Mt Disappointment when it disappeared about 9.30am.

Police Air Wing found the wreckage in the vicinity of Blair's Hut about 11.45am, police said in a statement on Thursday afternoon.

It is believed the pilot and four passengers were on board.

Five Country Fire Authority vehicles, police and paramedics, including the air ambulance, are on scene.

The Australian Transport Safety Bureau is also investigating and sending a team from its Canberra and Melbourne offices with expertise in helicopter operations and maintenance, and aerospace engineering, to the site.

The experts will inspect the wreckage and site surrounds before sending any relevant components to Canberra for further examination.

The ATSB will also analyse any recorded data and conduct interviews with those who have knowledge of the flight.

A preliminary report from the watchdog is expected in about six to eight weeks.

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Five people are feared dead after the suspected wreckage of a missing helicopter was found in Victorian forest.

The helicopter was one of two that left the Melbourne CBD on Thursday morning, flying in convoy over Mt Disappointment when it disappeared about 9.30am.

Police Air Wing found the wreckage in the vicinity of Blair's Hut about 11.45am, police said in a statement on Thursday afternoon.

It is believed the pilot and four passengers were on board.

Five Country Fire Authority vehicles, police and paramedics, including the air ambulance, are on scene as authorities mount a ground search before nightfall.

The Australian Transport Safety Bureau is also investigating and sending a team to the site from its Canberra and Melbourne offices with expertise in helicopter operations and maintenance, and aerospace engineering.

The experts will inspect the wreckage and site surrounds before sending any relevant components to Canberra for further examination.

The ATSB will also analyse any recorded data and conduct interviews with those who have knowledge of the flight.

A preliminary report from the watchdog is expected in about six to eight weeks.

The operator of the helicopters, Microflite, said the company would cooperate with investigations into the cause of the crash.

"I extend my deepest condolences to all affected by this incident who we are supporting through this very difficult time," he told Nine News in a prepared statement.

"The safety and wellbeing of all of our passengers and people is our highest priority and we have very stringent safety protocols in place."

The second helicopter, also believed to carrying four passengers and a pilot, landed at Moorabbin Airport in Melbourne's southeast about 2pm.

Mt Disappointment was the site of a major search operation in 2020 for autistic Victorian teenager William Callaghan, who was found alive after spending two nights missing in the bush.

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The NSW opposition has called for an upper house inquiry into the ongoing flood disaster, after parliament voted in favour of an independent inquiry last week.

"One of the reasons why we want to have an upper house inquiry that reports quickly (is) not to assign blame, not to make ... scapegoats," Labor leader Chris Minns said on Thursday.

"(It's if) we're in a position when if we can make reforms or shine a spotlight on things that have gone wrong, it can be corrected before the next natural disaster hits.

"I don't know whether that was as a result of faulty gauges, or incorrect information that was handed to the SES, but we can't have this situation repeated.

"We need to have a clear line of authority in relation to who issues these evacuation warnings."

Frustration has grown in the regional city of Lismore after an initial evacuation order, issued Tuesday afternoon, was cancelled then reinstated about 3am on Wednesday.

NSW SES Acting Commissioner Daniel Austin on Thursday defended the actions of the SES, saying the right decisions were made at the time.

He added the Northern Rivers had been struggling with infrastructure issues, including at the SES building.

Mr Austin said the initial evacuation order was for flooding of the Wilsons River at Lismore and the likely overspill of the flood levee, which did not eventuate.

"As a result, that risk (was) no longer present (and) we decided in consultation with a number of people, including people locally, to remove the evacuation order and allow people to return to get on with the recovery effort," he said.

It took until Wednesday for an exceptional level of new rainfall, not previously predicted, for the levee to overflow.

"We do not have the joy of hindsight," Mr Austin said.

To the southwest in Lismore, flood levels continue to fall after the Wilsons River peaked at 11.4 metres, below the predicted record height of 12.

"That's good news for the community this morning," Flood Recovery Minister Steph Cooke said on Thursday.

"However we are regrouping as we look at recovery efforts as the water starts to recede.

"The weather system is making its way down the east coast, and we will see other communities impacted as it moves south over the next couple of days."

Some 30,000 people in NSW were affected by 20 evacuation orders earlier on Thursday, with 523 people housed at 20 evacuation centres.

However the orders for Mullumbimby, Kyogle, Nambucca Heads and Tumbulgum were revoked on Thursday afternoon.

Meanwhile the search continues for missing aged care nurse Anita Brakel, whose car became trapped in floodwaters in Monaltrie, south of Lismore.

No trace of Ms Brakel or her car has been found since she disappeared on Tuesday about 10pm.

A day after Byron Bay was also hit with unexpected flash flooding, frustrated business are anxious to reopen their doors.

"This summer, it's just been raining constantly, like constantly," Main Street Burger Bar co-owner Jack Tupper told AAP.

"And when it does rain, it's so intense. It's frustrating because we own the business. It's hard, all the days that we are shut. We're still paying rent.

"We're going to try and seat people because there's not many venues that are going to be open, and there's a lot of people in town," Mr Tupper said.

Major flooding continues on the Wilsons, Richmond, Clarence, and Orara rivers, and at Coraki, Woodburn and Grafton, while moderate flooding continues on the Hastings, Nambucca and further south along the Macleay, Bellinger and Kalang rivers.

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Australia will apply an additional 35 per cent tariff for all imports coming from Russia and Belarus on top of general duties that already apply.

The tax hike was announced by the prime minister just hours ahead of Ukrainian President Volodymyr Zelenskiy addressing parliament and will come into effect from April 25.

A prohibition on Russian oil and energy products will commence on the same date.

"We strongly support similar action by our international partners to revoke Most-Favoured-Nation trading arrangements with Russia and Belarus, consistent with their national processes," Prime Minister Scott Morrison said in a statement.

"Australia supports the sovereignty and territorial integrity of Ukraine and continues to call on Russia to cease its unprovoked, unjust and illegal invasion of Ukraine."

Mr Zelenskiy's address will take place in the House of Representatives at 5.30pm AEDT on Thursday via video link.

It is expected to be attended by members of the Ukrainian-Australian community as well as ambassadors from various countries.

Ukraine's ambassador-designate to Australia Vasyl Myroshnychenko, who arrived in Sydney on Saturday after escaping Kyiv, expects the president will repeat calls to establish a no-fly zone over Ukraine during his speech.

The ambassador said Ukraine is concerned Russian missiles could inadvertently hit one of the country's five nuclear power plants, threatening the rest of Europe.

"If we have a no-fly zone (over parts of Ukraine) this is what is going to protect the sky and this is what is going to protect the safety and security of the entire Europe," he told ABC Radio.

"Despite any news that there is any progress in the peace negotiations we are very sceptical about the true nature and true intentions of Russia."

Mr Myroshnychenko said Australia should expel the Russian ambassador to send a statement of support for Ukraine.

"Every time I watch these harrowing pictures and footage from Ukraine (of bombings) ... I believe that the Russian ambassador should be expelled," he said.

The prime minister said the president would undoubtedly make more requests for support and Australia would respond in a practical way.

It comes as a top United Kingdom intelligence official told the National Security College in Canberra that the Russian president has misjudged the resistance of the Ukrainian people, with Russian soldiers losing morale and refusing to follow orders.

"(Vladimir Putin) over-estimated the abilities of his military to secure a rapid victory," Sir Jeremy Fleming said.

"We've seen Russian soldiers - short of weapons and morale - refusing to carry out orders, sabotaging their own equipment and even accidentally shooting down their own aircraft."

Sir Jeremy, who heads the Government Communications Headquarters, also said Russia had turned to China for weapons, technology and as a means to circumvent sanctions.

But risks remain for the alliance into the future, he said.

"Russia understands that long term, China will become increasingly strong militarily and economically. If some of their interests conflict; Russia could be squeezed out of the equation.

"And it is equally clear that a China that wants to set the rules of the road - the norms for a new global governance - is not well served by close alliance with a regime that wilfully and illegally ignores them all."

The Senate on Wednesday passed a motion condemning Russia and countries facilitating the Kremlin's invasion of Ukraine through economic and military support.

Australia is providing $91 million in military assistance, $65 million in humanitarian assistance and 70,000 tonnes of thermal coal to meet Ukraine's energy needs, as well as temporary protection visas and support for Ukrainian community groups in Australia.

There are also targeted sanctions on individuals and entities, the prohibition of energy, oil and gas products from Russia, and a ban on exports of alumina and bauxite to Russia.

The listing of more than 500 individuals and entities is the largest-ever imposition of sanctions by Australia against a single country.

with Reuters

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