Craig Bailey crashes out during RD 2 of the AFPGP Series over the weekend at Wagga

Two men were fortunate to survive a high-speed boat collision on Sunday morning.

The Australian formula powerboats reportedly flipped during the grand prix, forcing the drivers to rely on their breathing devices while underwater.

Paramedics rushed to Lake Albert following the crash and treated a 38-year old for a leg injury and a 55-year old, who had taken in water.

The formula racers were taken to Wagga hospital in a stable condition after 11.30am.

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