Australian police are continuing a massive search for a heavily armed man suspected of shooting and killing two officers in a rural town.

Ten police officers were fired upon on Tuesday after travelling to the property in Porepunkah - about 300km (186 miles) north-east of Melbourne - to execute a warrant for alleged sexual offences.

Almost 24 hours later, police have named the suspect as local man Dezi Freeman, 56, and confirmed he is 'still at large'.

Police have deployed officers, a helicopter and armored vehicles to the area and warned locals to stay inside until Mr Freeman is caught.

We are pouring every resource into the search, Chief Commissioner of Victoria Police Mike Bush said.

He has previously said the two officers were murdered in cold blood and identified them as a 59-year-old detective and a 35-year-old senior constable.

A third officer who was injured in the shooting was now out of surgery and expected to recover.

Authorities have had no sightings of Mr Freeman since he ran off after the shooting and are focusing on a dense bush area near his home.