ABC news reports that both POB have been found safe and well.
I do wonder why a PLB was not activated. Activation would have resulted in an almost-immediate and more focussed (and therefore less expensive and more effective) search effort.
If the PIC was not carrying a registered 406 MHz GPS PLB, or was carrying one but did not know how to switch it on, or decided that it was not appropriate to switch it on, I do question the PIC's judgment. However, those "if's" are mere speculation and I do not have all the facts.