New Zealand police divers have found the body of an Australian man who disappeared yesterday while swimming in a river on the North Island.

Melbourne resident Mathew Slade, 21, was last heard calling for help from the Waikato River, near the town of Taupo, around 6pm yesterday (local time).

A search and rescue effort was launched and his body was found today.

Mr Slade had been in New Zealand since December, riding and training ponies for the World Championships of the Equestrian Mounted Games.

Police and the Australian High Commission say they are providing support to Mr Slade's family.