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The man was recovered from the water off Broome's Cable Beach and treated by local police officers before an ambulance arrived, Australian Broadcasting Corp (ABC) television said.
Western Australia (WA) police were not immediately available to comment. The state's Department of Primary Industries and Regional Development (DPIRD) said on its website it was "involved in assisting WA Police after a serious shark bite incident," involving an adult man.
Cable Beach, a 22-km (14 mile) stretch of white sand beach, was closed after the incident, the DPIRD said.