Victorian Police divers found the man's body in nearby waters about 3:45pm today, NSW Police said in a statement.
Police said the man may have hit his head as he fell.
Acting Superintendent Peter Hayes said the man and his friends had been drinking.
He said the incident was a reminder to everyone to act responsibly.
"It's a tragic reminder that alcohol and the Murray River are a lethal combination. It's terrible," he said.
"They're all young men and they've never had to deal with anything like this before."
A report will be prepared for the Coroner.
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