Emergency services were called to Funnels Creek Waterfall at Tallong, 40km east of Goulburn, at about 2pm yesterday.

They found a 24-year-old man who had fallen four metres onto rocks at the base of the waterfall.

He was conscious but had suffered injures to his head, right shoulder, and left ankle.

The man could not be winched out by helicopter, so rescuers including police, paramedics, and the SES, began to work to retrieve him by vertical rope lift.

A South Care helicopter transported a medical crew to the scene to stabilise the man before the retrieval operation began.

About 3am, the man was successfully rescued and has now been taken to Goulburn Base Hospital in a stable condition.

Police have been told the man was with a group of friends who were climbing the eight-metre ledge before jumping into a rockpool.