A shark has bitten back after a Victorian fisherman hauled him into his boat.

The man, 73, was fishing alone in his boat off Queenscliff, east of Geelong, when the shark bit his right hand and arm this morning, emergency services say.

Police say he'd landed the 1.5 metre gill shark in his boat and was trying to hook it with a gaff when its jaws locked onto his arm.

The injured angler used a towel to control the bleeding and steered his boat the two kilometres back to the marina where he was met by paramedics.

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"He's wrapped his wound in a towel and controlled the bleeding to the best of his abilities," advanced life support paramedic Chris Wilkinson told reporters.

"He was doing very well, very well in spirit and was very aware of what was going on but kept nice and calm, which helped our management."

The New Gisborne man was flown to Melbourne's The Alfred hospital, where he is in a stable condition.