Victoria Police have urged anyone who may have seen a person and dog fall into floodwaters this morning at Traralgon to come forward.
A witness told police the person rolled up their trousers on the bank of Traralgon Creek near Whittakers Road in the state's east, before being swept away with the dog at about 5:30am.
Police were searching the area but unable to confirm the report. Police had not received any reports of people missing in the area.
Authorities released CCTV footage of the pair in hopes of identifying the person.
Meanwhile, authorities have downgraded an emergency warning for the Moe River at Darnum in Victoria's east.
The flooding along the river and in its catchment is mostly affecting farming areas.
The river exceeded the major flood level on Monday morning and is currently at 4.38 metres and falling slowly, with the water levels dropping to a moderate flood level.
SES regional agency commander Russell Wilmot said Boolarra South had recorded 100 millimetres of rain and 94mm at Yarragon.
"On the bright side it looks like that rain is easing and we are seeing some of that water residing now," he said
Floods worse than locals expected
Darnum dairy farmer Eddie Jefford said the flood was unlike anything he had experienced.
"This is extremely wet; we've been wet before but this is as wet as ever," Mr Jefford said.
"We've had to move the cows to higher ground as water's over the road and it's completely filled my cattle underpass, so there's no way to get my cows under the road."
Mr Jefford will use a pump and a tractor to remove the water from the underpass and protect livestock.
"The younger cattle are the ones that suffer. They get cold and shivery and can get pneumonia, so you just have to monitor them and treat them if necessary," he said.
Darnum resident Craig Cannon said the Moe River floods were not affecting his property but were inundating the surrounding area.
"The river's actually broken the banks on the lower side of the river where we are," Mr Cannon said.
"It's the highest we've ever seen. Probably five, six years ago we saw it nearly hitting the bridge."
