A 15-year-old boy from Brisbane attempted to swing out on the rope to the swimming hole and slipped, falling and landed heavy on the edge of the water.
His friends raised the alarm and rescue services attended.
As the rescue helicopter arrived on scene, the crew winched down the flight paramedic to assist the QAS in treating the patient for head and spinal injuries.
It was decided it was best to place him on a spinal board and float him across the water where the helicopter had landed on the dam wall.
He was then loaded into the helicopter and airlifted to the Princess Alexandra Hospital in a stable condition.