It's believed the body of an Australian surfer missing in Bali has been found.

Musician Jae Haydon was reported missing on Monday after his broken surf board washed up in large surf near Uluwatu beach in Indonesia.

Just 12 hours later a body was found believed to be the missing Australian, News Corp reported.

While authorities said three locals also went missing on the same day, they believe the body is that of the NSW man.

The body was found floating in the water by lifeguards on Monday night.

"The victim's body has been found. The victim had died when he was found," Ketut Ipel, the coordinator of Beach Lifeguards in Badung regency.

"The victim was surfing at around 7.30am when a strong wave suddenly hit him. His surfboard was found broken."

Another surfer said he believes he saw a huge wave hit the Australian before he disappeared.

Ketut Gede Ardana, the chief of Denpasar's National Search and Rescue Agency, said the victim was believed to be Jae Haydon.

Friends and family of the surfer posted on social media letting others know he was missing.

Lifesavers are still trying to recover his body in the 6ft/double to triple head high waves. Surfing conditions are good, just extreme bad luck for this poor guy," a social media post reportedly said.

"His broken surfboard has 'for Jay' on the bottom. That's all I know at the moment."

Images of the broken surfboard have been circulated on social media.