The crash, just west of Ridge Rd, was in almost the exact spot where a Shepparton man died earlier this year.
Seymour Highway Patrol Acting Sergeant Andrew Wright said on Tuesday a ute the pair was in was travelling west on the Euroa-Mansfield Rd when it crossed the road and crashed into a tree on the opposite side about 12.55pm.
The tree was on the edge of the embankment and it stopped the ute from going down it.
The driver and passenger were trapped in the vehicle as it came to rest in an area where it could slide, Act Sgt Wright said.
Euroa SES volunteers cut off the door to free the pair.
A 52-year-old Shepparton man, who was a passenger in the ute, and a 49-year-old Broadford woman, who was driving, were both airlifted to the Royal Melbourne Hospital.
Act Sgt Wright said the man was in a critical but non-life-threatening condition, while the woman had a broken leg and other minor injuries.
The circumstances of the crash are being investigated.
The crash was in almost the same spot where a 59-year-old Shepparton man died on July 9 after the ute he was a passenger in crashed down a 10m embankment.
Act Sgt Wright said he knew of at least three serious crashes in the same area.
In August, State Member for Northern Victoria Wendy Lovell called for a safety audit to be conducted on a section of the Euroa-Mansfield Rd between Gooram and Merton.
In a constituency question to Roads and Road Safety Minister Melissa Horne, Ms Lovell said the section in question was a 4.9km stretch of road from Ridge Rd to the Gooram Falls public car park.
Speaking to The News at the time, Ms Lovell said members of the local community, including local emergency services personnel such as Gooram CFA captain Michael Stubbe, had long advocated for the speed limit to be lowered from 100km/h to 60km/h from Ridge Rd to the car park, to make it safer for all road users.
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