The victim, a man in his 30s, was bitten on the leg by a shark off Gracetown in Western Australia on Monday morning. He is in a stable condition after being bitten on the lower leg.
Surf photographer Peter Jovic told the ABC that the man body-surfed to the beach after a shark pushed him off his board.
He said paramedics on the ground reported that first aid from the man's friends was crucial in the moments after the attack, as they used a leg rope to stem blood flow.
'There was a lot more thrashing around.
"The World Surf League (WSL) has been alerted to a shark incident that occurred near Gracetown", a WSL spokesman said. Channel Nine reports the man was conscious and breathing when he was pulled from the water.
"The surfer who was being attacked ended up miraculously body-surfing into a little wave and making it into shore before everyone came to his aid".
"Everyone's walking round like stunned mullets", Mr Jovic told the ABC.
AAP understands the man has lived in Gracetown for some time, with one friend describing him as "an awesome guy".
The Shark Smart website says the carcass could make nearby waters risky until it's removed.
"After discussing with local authorities, the water safety team and surfers, the WSL commissioner's office has made a decision to resume competition for the Margaret River Pro at Main Break at 10.40am, following a one-hour hold prompted by reports of a shark incident at Gracetown - approximately 15km away from the event site", a spokeswoman said. "We have mitigation protocols in place and will be enhancing those when competition resumes".
Dozens of pro surfers are in the South West to take part in the Margaret River Pro, which is part of the World Surf League Tour.
He said the incident emphasised the need to do more, including using SMART drumlines, rather than the Labor government's subsidised shark deterrent devices.
There have been three fatal shark attacks in the area since 2004, when Bradley Smith was fatally mauled by a great white.
AAP is seeking comment from Fisheries Minister Dave Kelly.