The man, believed to be from Manchester, had gone for a swim at South Curl Curl beach around 7pm on Saturday after fishing with his friends, who raised the alarm when he did not return.
Boats and jetskis were launched on Sunday morning, with police and emergency services conducting a two-day operation to look for him, but the search was called off just before 11pm local time on Monday.
The man, who had been in the country for a week, had been celebrating with friends at the beach before he was due to fly out.
A police spokesperson said the force had been in contact with the man’s family, the Guardian reported.
Conditions on Saturday evening were not particularly rough, Donna Wishart from Surf Life Saving New South Wales said, although she added that the area was known for its dangerous rip currents.
“The south end of Curl Curl beach often has strong rip currents,” she said, “and that can carry people around to the rocky headlands. It is one of the more hazardous beaches in the area. The water gets deep very quickly.”
The man’s friends said they lost sight of him when he was around 100m from shore and raised the alarm about 7pm on Saturday, telling police he was not a strong swimmer.