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Wreckage has been found in the search for a jet which crashed with two people on board off Victoria’s Mornington Peninsula.

A large part of the body of the plane that crashed into Port Phillip Bay has been located.

Police located the wreckage after an extensive multi-agency search for the ex-military jet.

Emergency services were called amid reports two small planes collided over the bay at around 1:45pm on Sunday.

One plane crashed into the water, while the other safely landed at Essendon Airport.