A man has been shot by police amidst an altercation in the Newcastle suburb of Mayfield.

Emergency services were called to a unit block on Hanbury St around 4pm on Saturday to conduct a welfare check on a resident.

Police allege the same resident, believed to be in his 40s, ran towards officers with a meat cleaver.

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Officers tried to subdue the man by deploying a taser, but it was unsuccessful. The officers then shot the man.

The wounded man was treated by the same officers until paramedics arrived, and was rushed to John Hunter Hospital in a serious condition.

There were no other reports of injuries, with the critical incident investigation team now looking into the incident.