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Channel 7 said the former Sunrise weather man, who also races V8 Supercars, was practising a stunt ahead of this weekend's Monster Truck Championships at Dapto, near Wollongong in New South Wales, when the accident occurred.
Denyer had been practising for a demonstration jump over five wrecked cars during a media preview for the event at the Dapto showground when he landed heavily.
"An experienced monster truck driver, Grant was behind the wheel of a five-and-a-half tonne, two-and-a-half metre high monster truck vehicle when he landed heavily on the ground, resulting in a compressed fracture of a lower vertebrae," Seven said in a statement.
The 31-year-old, who has hosted It Takes Two and Australia's Got Talent and took first place in Dancing With The Stars, was rushed to Wollongong Hospital.
"Grant is comfortable and resting," Seven said.
"Doctors will keep Grant in hospital overnight.
"This will allow the swelling in his back to reduce so that a more clear picture will emerge tomorrow."
Denyer reportedly has full movement of his limbs, but was in considerable pain before receiving pain relief.
He was to have been the star attraction of the monster truck show.
It is not yet clear if today's accident will prevent him from competing in Australia's biggest motor race next month, the Bathurst 1000.
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