Police were called to Hutchinson Street after witnesses reported a man armed with a knife about 8:30am.
Officers attempted to speak with the man who refused to drop his weapon.
Deputy Commissioner Neil Paterson said officers repeatedly told the 24-year-old man to back off and put his weapon down.
“The man did not back off from police after quite a period of negotiation and then rushed the police members,” Deputy Commissioner Paterson said.
He said a number of shots were fired by two separate officers when police discharged their firearms, shooting the man about 9:10am.
He is currently being treated for life-threatening injuries.
Detectives from the Armed Crime Squad will investigate the incident with oversight by Professional Standards Command.