Water police have found debris from a fishing vessel that capsized in water near the Queensland-NSW border.

There is still no sign of a man who was washed overboard when the 15-metre boat overturned off the Gold Coast early on Friday.

Water police found a life ring and a barrel from the capsized boat off the northern NSW coast near Ballina.

"That indicates to us that we're searching in the right area," said a spokeswoman from the Australian Maritime Safety Authority, which is co-ordinating the effort.

Searchers are unable to use airplanes or helicopters to look for the 39-year-old deckhand because of terrible weather conditions including strong winds, rain and high seas.

The skipper of the capsized boat was rescued on Friday by a helicopter crew after he spent two hours trapped in an air-pocket inside the 15-metre vessel.

He had eventually been forced to abandon the sinking boat, got into a life raft and activated an emergency beacon.

The man was taken to hospital with minor cuts and hypothermia.