UPDATE: Monday 7am
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Dale Carr remains in hospital in a satisfactory condition.
Meanwhile, the Department of Primary Industries has set aside $250,000 for a shark tagging program. Read more about it here
UPDATE: Sunday 6pm
Surf Life Saving NSW have been conducting patrols of Port Macquarie beaches since Saturday's incident at Lighthouse Beach.
A comprehensive assessment using water-based craft and ongoing visual inspections has occurred and the decision has been taken that all beaches will re-open at 6am Monday.
Port Macquarie-Hastings Council will continue to work with Surf Life Saving NSW to monitor potential risks and safety issues.
UPDATE: Sunday 2.30pm
Port Macquarie bodyboarder Dale Carr, 36, remains in a stable condition in Port Macquarie Base Hospital after being mauled by a shark at Lighthouse Beach on Saturday.
The former Port Macquarie Sharks rugby league player and family man was pulled from the water by mates who are now being hailed as heroes. He was treated on the sand by passersby before paramedics arrived.
For club mates from the Sharks extended their well-wishes to Carr on social media.
"Our healing and loving thoughts go to one of our friends and ex players Dale Carr and his family...We are here for any support we can give, you mean a lot to your buddies Dale."
UPDATE: Sunday 12.30pm
The bodyboarder attacked by a shark on Saturday about 5.10pm, near Watonga Rocks off Lighthouse Beach, is believed to be well known to the Port Macquarie surfing and rugby league fraternities.
A Mid North Coast Local Area Health Network spokeswoman has confirmed the 36-year-old victim remains in a stable condition after surgery and will not be transferred to John Hunter Hospital in Newcastle.
She said security is in place at the hospital to ensure the privacy of the victim and his family.
Port Macquarie-Hastings mayor Peter Besseling said: "The thoughts of our community go out to the victim for his health and wellbeing and our best wishes to him for a speedy recovery". He also confirmed all beaches in the vicinity will be closed until 5pm Sunday.
Surf Life Saving urged people to stay out of the water until further notice.
“Initial reports from those at the scene indicate the injuries were caused by a bull shark of approximately 3 metres in length, but this is yet to be confirmed by DPI [Department of Primary Industries] investigations which are currently underway. This would indicate that the matter is coincidental to issues in far northern NSW, who have reported regular sightings of large great white sharks close to the coast," Cr Besseling said.
He also confirmed another DPI investigator is travelling to Port Macquarie and photographs of the bodyboard will be provided for positive identification of the shark species.
Meanwhile Life Saving NSW Mid North Coast branch duty officer Ryan Rosenbaum, who arrived to the scene about 15 minutes after the victim was brought to shore from about 400 metres off Tacking Point Surf Life Saving Club, said ambulance paramedics and police were already assisting the victim.
"Another bodyboarder had pulled him [the victim] to shore where another member of the public took off his shirt and wrapped it around the wound to stem the blood loss. It was a deep wound, but he was conscious and breathing [on his own] when I arrived," Mr Rosenbaum said.
Mr Rosenbaum said he would recommend swimming with a friend at all times. Cr Besseling agreed saying, that the advice was "not specific to sharks but in case of cramps and rips; then someone is there to help".
Port Macquarie surfer Anthony Wilson, who recently told Port News he believed a conversation needed to start about shark control measures, said he feels terrible for the victim and his family but he believed this incident was not related to those further up the north coast.
Initial reports said the 36-year-old bodyboarder suffered severe injuries to his stomach and back after he was mauled at Lighthouse Beach at around 5.10pm, police said.
Officers said it is believed the man was bodyboarding with a friend around 400 metres away from the beach's clubhouse when the shark struck.
The man was helped out of the water and treated by paramedics for his injuries before being rushed to Port Macquarie Hospital.
Doctors from the Westpac Rescue Helicopter service landed at Port Macquarie at 6.30pm and assessed the man, expecting to fly him to Newcastle's John Hunter Hospital for surgery, but ultimately he did not need to be transported.
A spokesman from the helicopter service said the man had a "severe laceration to his left buttock and thigh".
"The doctors and surgeons up there were able to basically do the repair and he stayed at Port Macquarie," the spokesman said.
He remained in hospital in a stable condition on Saturday night. Police had not yet interviewed him.
Beaches closed
All beaches in Port Macquarie will be closed until further notice following the attack.
A spokeswoman from Surf Life Saving NSW said signs had been put on the beach to warn surfers and swimmers to keep out of the water, but the beach was not patrolled at this time of year.
There wouldn't be a formal search of the beach before it was re-opened.
"In the off-season, if there's no longer any hazard there then the beach sort of just becomes open again, unless there's an ongoing issue which we've had up at Ballina on and off for the last few weeks," the spokeswoman said.
The incident comes after three people were attacked by sharks off the NSW coast this year, including surfer Craig Ison who was knocked off his board and mauled at Evans Head in late July.
Earlier that month, bodyboarder Mathew Lee was mauled by a shark at Ballina's Lighthouse Beach, sustaining serious injuries to his lower legs, while surfer Tadashi Nakahara died in February after a he was attacked by a great white shark which bit off his legs at Shelly Beach.
The string of shark attacks prompted claims the State Government failed to protect beachgoers.
The Department of Primary Industries and Fisheries said $100,000 has been put aside to trial new preventative measures, but it could still take many more months for trials to begin and be adopted permanently.
Forensic experts on the case
The Department of Primary Industries (DPI) has initiated its Shark Incident Response Plan following a shark attack at Lighthouse Beach, Port Macquarie.
The DPI is helping NSW Surf Life Saving and NSW Police in responding to the incident.
NSW Surf Life Saving has closed all beaches in the nearby area.
The DPI has deployed a staff member at Port Macquarie to identify the species from the bite pattern and forensic information.
DPI is working with NSW Police and Surf Life Saving NSW to monitor the area and provide any technical advice and resources as required in line with its North Coast Shark Campaign.