10AM: Neil Mitchell has broken the news Minister Tim Holding has been found, alive and well, on Mount Feathertop after going missing for two days - listen now to his cross to Channel Svene's Norm Beaman.

Kate Lahey, Jason Dowling - The Age: Water Minister Tim Holding has told paramedics he got lost on Mount Feathertop after falling 100 metres down the mountain during his attempt to climb the peak.

Mr Holding - who went missing on Sunday in freezing conditions - was reunited with his parents and partner at the Bright Oval after his dramatic air rescue this morning.

He appeared tired and drawn after arriving at The Alfred hospital this afternoon but told the waiting media that he was 'feeling better now'.

Ambulance flight paramedic Steve Grove said the minister told paramedics on the flight that he became lost after taking a 100-metre slide down the mountain.

Mr Holding, who was apparently surprised by all the media attention, told paramedics he had never thought he was in danger and believed he would be rescued.

He had no frostbite or hypothermia but had suffered minor cuts and bruises in the fall.

Mr Grove said the minister had asked him to thank rescuers and the public for their concern.

"He is well aware of the amount of effort that went into his safe return and wanted me to express that to the public and the services involved."

"He is in very, very good spirits considering he has been up in that rather cold environment for the last two-and-a-half days."

"His condition is very well. He was well-prepared, his temperature was quite good considering he has been out there for a couple of days."

Mr Holding's partner, News Ltd journalist Ellen Whinnett, accompanied him on the flight from Bright.

Asked what he would be doing tonight, he answered: "I definitely won’t be going for a hike."

A private aircraft, not related to the search, spotted Mr Holding last night while he was wearing a headlamp given to him by his partner for his birthday last month.

Deputy Comissioner Kieran Walshe said he could not discuss the use of the aircraft because of security reasons.

The plane had spied a possible camp site overnight, narrowing the search area this morning.

A Victoria Police spokeswoman said the plane used was not a police plane but she could not comment further on the aircraft.

A police chopper winched him to safety from Mount Feathertop about 10am.

A smiling Mr Holding was flown to the nearby town of Bright for an emotional reunion with his loved ones on the Bright Oval. He kissed his tearful parents and partner, News Limited journalist Ellen Whinnett.

Mr Holding's mother, Caroline, thanked her son’s rescuers for bringing him back safe and apparently well.

"We couldn't be more grateful to you all so thank you so much from the bottom of our hearts," she said.

His father, Bruce, said he had been lost for words when reunited with his son after spending two sleepless nights fearful for his safety.

Ms Whinnett said her partner was cold, wet, scratched, bruised and disoriented but overall was 'fine'.

"I was very glad to see him get off the helicopter," she told reporters in Bright.

Ms Whinnett said Mr Holding had told her about his ordeal but she wanted to speak to his family before revealing the details.

She said he had become disheartened when he saw media helicopters in the sky but nowhere near where he was until he was sighted just after 10am.

Ms Whinnett said Mr Holding was the strongest person she knew and she had been confident he would be found alive.

"But when it was raining heavily last night, I was really worried for him," she said.

She said paramedics were now trying to warm him up as he remained cold and wet after spending two nights on the freezing mountain.

Premier John Brumby told Radio 3AW it was 'fantastic' news.

He said he had already left messages on Mr Holding's phone telling him he wanted to see him in Parliament for Question Time at 2pm.

"By late yesterday I was anxious, as you would be, and I was told early this morning the police plane last night had detected some light and some body image so they were pretty confident this morning that once they could get in ... and the rest is history," he said.

"I'm delighted actually, I'm really pleased."

He said Mr Holding had been well-prepared but he was concerned that he could have become injured.

Mr Brumby thanked all the rescuers and media for their help in the search.

"It's a great day," he said.

Minister for Public Tranport Lynne Kosky said Mr Holding's cabinet colleagues were thrilled to hear the news.

"I'm just delighted I feel like I can have a bit of a cry now," she told Radio 3AW.

"I've just come out of the caucus and there's a lot of hugs and clapping."

The Channel Seven news crew, flying overhead in a chopper, was the first to spot Mr Holding.

Channel Seven reporter Norm Beaman said Mr Holding was smiling and waving at the helicopters.

"You can see he's just got the backpack alongside him and he’s waving back to me now, he's just having a drink, he's fine," Beaman said.

Mr Holding was found around nine kilometres from his original starting point at Federation Hut.

He was 'well off-course from the walking track' and had used a silver space blanket to shine light towards the helicopters, Beaman said.

"He's out on this very sharp ridge line which has got a very steep drop off on it, you couldn't put a helicopter down here in any situation so it will have to be a winch," he told Radio 3AW.

Mr Holding's parents and partner faced an agonising wait overnight after the police air wing chopper was grounded due to fog.

The chopper took off about 9.30am after a break in the weather. News helicopters also scoured the area.

The two main concerns for Mr Holding - a fit, experienced hiker who has walked the Kokoda Track and run marathons - were the extreme weather and the possibility that he had been injured.

At 1922 metres above sea level, Mount Feathertop is Victoria's second highest peak - and one of the most alluring and dangerous for adventurers, particularly in winter.

Mr Holding was last seen hiking alone about 8.30am on Sunday by a group who saw him slipping on the icy terrain.

They offered him help but he declined, saying he would go back along the Bungalow Spur track towards Harrietville, a small town at the foot of Mount Feathertop.

VIDEO: Tim Holding's rescue

You heard Norm Beaman's dramatic cross to Neil Mitchell on Tuesday morning describing the scene you can now watch in this Fairfax Media video. Click the image to view.

• Beaman on amazing find

RELATED 3AW AUDIO:

• SECRECY: Top cop on overnight tip
• 3AW RADIO: Family reunion live on-air
• Elated Premier Brumby with Neil Mitchell
• Close friend Lynne Kosky on 3AW
• Mount Feathertop is 'like a drug'

Rescue sparks dramatic coverage

Derryn Hinch wrapped what was a great day for Victoria, regardless of what political persuasion you are. The rescue of Tim Holding from Mount Heathertop provided dramatic radio with Norm Beaman (pictured) calling 3AW to break the news. Now the dust is settling on the 'great escape' the debate appears to have begun between the TV networks as to who saw Holding first.

• A rescuer, talkback callers and the 'secret' plane