They collided mid-air and one crashed into the water while the second landed safely at Essendon Airport, Melbourne, with two people - including off-duty Qantas captain Joanne Mein - on board.
It is understood Mein was in the rear seat of the second aircraft and wasn’t flying the jet.
A Qantas spokeswoman said the company was deeply upset to hear about the incident.
“The news has shocked the Qantas and Jetstar pilot communities and everyone’s thoughts are with these families,” the spokeswoman said.
“We’ve reached out to those involved and are providing whatever support we can.”
With hours passing and no sign of the aircraft wreckage, the rescue mission shifted on Monday to a recovery mission with the two men presumed dead.
The Australian Transport Safety Bureau was planning to interview the surviving pilot of the second plane on Monday afternoon.
Jetworks Aviation, based at Essendon Fields, hosts flight training and joy rides, with one package offering a 45-minute two-jet fighter formation flight.
The business was created for the TV documentary Any Fool Can Fly, which is yet to air, according to the show’s website.
The series was set to show a “group of high achievers” attempting to master flying, aerobatics and formation, with Australian comedian Tommy Little among the “student pilots” featured.
Rose, a well-known and experienced drone operator, has worked on high-profile TV shows for the Nine and Seven Networks and production company EndemolShine, including on cooking show MasterChef.
