"If you are contacted regarding an emergency beacon signal please look for a boat as well as a plane! "
Safety equipment should consist of the equipment required for your craft in your State's boating regulations plus an EPIRB, that is an emergency beacon. For as low as $215 these units are the most cost effective way to save your life. When activated your position can be located to within 20km in two hours. Now 20km is not going to be too useful in the Australian Alps but out on the Lake you can *see and be seen very easily by aircraft. A simple flare or smoky fire and they've got you located.
*Vehicles back at home base can normally be seen when 10km away on the the Lake!