Boating Speed Restrictions 
The following was extracted from the www.marinesafety.vic.gov.au website
May 2002
Original link was: Speed
Restrictions
On all Victorian Waters:
A 5 knot speed limit applies
to boat operators and skiers within a distance of:
-
100 metres of a vessel or buoy on which a "Diver
Below" signal
corresponding to the International Code Flag "A",
is displayed. A white/blue flag like the ones shown here:
-
Typical flag as seen in real life
-
Cute huh?
-
A bit flash 
-
and
here is the formal one
-
50 metres of another vessel except where both vessels are either
-
engaged in competitions or in bona fide training organised in accordance
with the rules of a State or Nationally recognised water sporting association;
or
-
within a prescribed exclusive area which is set aside for a specific activity
in which the width of water prevents the keeping of that distance.
-
50 metres of a swimmer or bather;
On all Victorian Coastal Waters or Ports:
A 5 knot speed limit applies to boat operators and skiers under the following
conditions:
a. within 200 metres of the waters edge unless
specifically excluded by Notice
or where designated for other purposes;
b. within 50 metres of any wharf, jetty, slipway, diving platform or boat
ramp;
c. when passing through a recognised anchorage for small craft.
On all Victorian Inland Waters
A 5 knot speed limit applies to boat operators and skiers within:
-
50 metres of the water's edge unless specifically excluded by notice or
where they are designated for other purposes
-
50 metres of any fixed or floating structure in or on the water
Speeding, together with alcohol, is one
of the principal causes of boating accidents on Victoria's waterways. The
Victorian Water Police are empowered to use radar guns to detect speeding
boats.
All speeds are measured in knots for the purposes of
the Marine Act 1988 and the Regulations.
One knot = 1 nautical mile per hour = 1.852 kilometres
per hour.
Note: International visitors to this page may be interested to know
that the dive flag symbol above is that of the Australian 'diver below'
flag (as distinct from the red and white flag used in the USA and
elsewhere). The blue and white swallowtail was accepted in
1961 by the Intergovernmental Maritime Consultative Organisation (IMCO)
when they reviewed the International Code of Signals.
The following page has a nice clean summary - pity it's a West
Australian site, not Victorian:
http://www.transport.wa.gov.au/imarine/rec_boating/regulations/diving.htm
Last updated 15Oct2002 by Daniel Grimm