Mr Short, 48, a married father of five from Sydney's north, and crew member Sally Gordon, 47, of Darling Point, were pulled from the water unconscious early yesterday morning and could not be revived.

Mr Short was the owner and skipper of the 24.4m maxi-yacht Shockwave, which crashed into rocks off Flinders Islet, near Wollongong, and ran aground at about 3am.

Both sailors and their crew were hugely experienced, had completed numerous Sydney to Hobart races and sailed all over the world.

The cause of the tragedy, which came during moderate weather, remains a mystery.

Fifteen survivors managed to make it on to the island and were later winched to safety by helicopter during a three-hour rescue, police said.

They were taken to Wollongong Hospital suffering a range of minor injuries and hypothermia; a 14-year-old boy had burns to his hands, ambulance officers said.

For more, pick up a copy of today's Canberra Times