One man has been shot dead by police and two people are seriously injured after a double stabbing at a property in Nowra, south of Sydney.
Officers from the South Coast District arrived at the Albert Street unit just after midday on Saturday, after receiving a triple-0 call about a "domestic violence-related incident."
They found a woman with a stab wound to her neck and a man who had also been stabbed.
NSW Police says another man at the scene who was armed with a knife threatened officers before one of them shot him.
Paramedics attempted to revive him but he died at the scene.
Police are investigating his role in the stabbings and will carry out a forensic examination of the weapon.
The injured pair were treated at the scene and the woman was airlifted to St George Hospital.
The man was taken to Shoalhaven Hospital.
Both remain in a stable condition.
The State Crime Command's Homicide Squad will conduct an investigation into the circumstances surrounding the incident, which police say will be subject to an independent review.