It is understood the boat flipped while attempting to cross the Yamba coastal bar.
Surf Life Saving New South Wales State Operations Centre was alerted by New South Wales Police Marine Area Command just after 6.30am that a vessel had overturned at the Yamba Bar with an unknown number of people in the water.
A coordinated a response followed, involving Marine Rescue NSW, Surf Life Saving NSW, the Westpac Rescue Helicopter, NSW Ambulance, and officers attached to Coffs/Clarence Police District.
Mr Weir and Ms Devlin were pulled from the water where paramedics attempted to revive them.
Another man, in his 50s, believed to be the skipper and Ms Devlin’s husband, was rescued by a passing fishing boat in treacherous conditions.
He was treated by paramedics and taken to hospital.
NSW Police Chief Inspector Matt French said the boat carrying the three people capsized as the group attempted to cross the river bar.
"Tragically, a 54-year-old woman and a 59-year-old man were located deceased in the water,” he said.
"We believe they were all wearing life jackets."
The skipper remains in a stable condition in hospital.
Yamba bar is at the entrance to the Clarence River and considered one of the most dangerous bars in NSW.
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