The search for 35-year-old Leighton Grant in Taupo has been suspended after a thorough search of Motutaiko Island gave no further indication as to his whereabouts.
Mr Grant is from Auckland but was staying with family in Taupo. He was last seen on Friday and his car was found on Monday at Hallets Bay, just south of Hatepe.
On Tuesday night a wet-suit believed to belong to Mr Grant was found on the island and prompted a focused search.
Inspector Steve Bullock said they "flooded" the island with searchers yesterday and police were confident that if Mr Grant wanted to be found or was lying injured somewhere on the island police would have found him.
"We will continue to make enquiries but we have exhausted all search options unless we receive new information."
Police have been liaising with Mr Grant's family throughout and have talked them through the searches that have been carried out.
That liaison will continue.
Police still want to hear from anyone who was in the vicinity of Motutaiko Island and Hallets Bay on Friday, 26 January or anyone with information that may assist in establishing the movements of Mr Grant.
Anyone with information is asked should call Taupo Police on 07 378 6060.