A man in his 20s is expected to make a full recovery after "stumbling" off the end of the Elizabeth Street Pier in the state's south.
Tasmania Police was called to the scene about 1.20am on Sunday.
"On arrival police were met with an early 20's male who had stumbled off the end of the wharf into the water," police said.
"He was clearly disoriented and struggling to stay above water."
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Volunteers from the Salvos Street Team used a life ring from a nearby vessel. Tasmania Police said it was proving difficult for the man to hold on to.
"Two police officers entered the water and assisted the male to stay afloat whilst a rescue plan was enacted," police said.
"Shortly later, the male was helped from the water and transported directly to the Royal Hobart Hospital for medical assistance."
The man was exhausted and disoriented, but expected to make a full recovery.
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