"We're moving quickly to get her back into a situation where we can find out what, on this occasion, went wrong and then we'll continue to move forward with a plan that we have to restore it."

The crew of 1958 pilot cutter Goondooloo called police at 3:45pm on Wednesday after the vessel experienced a mechanical failure in D'Entrecasteaux Channel, in the state's south.

If you are looking for someone willing to spend a few million dollars restoring a very beautiful 1910 Herreschoff schooner that’s lying wrecked on the seabed of Osaka Harbour, Japan, would you really ask them for A$161,523?

After almost two weeks of uncertainty, and six months' worth of mud drying on the weary paddle wheeler's hull, Longreach tourism company Outback Pioneers revealed the boat would not be able to cruise again.

It's an ignominious resting place for the 99-year-old wooden paddle wheeler, which attracted national headlines when it was trucked nearly 1,750 kilometres from country Victoria to Longreach in May 2022.

The ALMONTA remains on the seabed, its crow's nest and railings breaking the surface of the calm waters of Porter Bay and lilting precariously to one side.