Fry, a surfing novice, was surfing with three doctor friends when he was attacked.
He said he had been inspired by surfer Mick Fanning, who famously fended off a shark during a competition in 2015.
"So I thought. 'get in as fast as possible, ride the wave for as long as you can and then just start paddling for your life, '" he added.
Mr Fry told the Today show he was out surfing with three friends when he felt a "massive thud".
'I instantly just jumped away. I punched it in the back'.
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"It was a nervous swim in, with my bleeding arm", he said.
"It was just pure adrenaline, I genuinely thought I was going to die, like "you're about to be eaten alive by a shark", so everything slowed down, like "get on your board and surf".
'It was very hectic, very very hectic'.
And he revealed how he miraculously managed to escape in one piece with only minor bite marks.
He was driven to a nearby hospital by his companions instead.
"It was terrifying but it only lasted five seconds", he told the Daily Telegraph.
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The 25-year-old man had been surfing with three others at Avoca Beach, 95 kilometres north of Sydney.
Fry said the shark bit his arm and shoulder after he missed a wave.
Avoca Beach and North Avoca have been closed for 24 hours following the ordeal.
Mr Fry said he punched the shark while in the water before climbing back on his board and surfing to shore.
But lifeguards spotted a great white and a bronze whaler in the area shortly after the incident.
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