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The 24-year-old was stabbed, kicked, then punched in the face.
Emergency services arrived at the scene on Duff Street shortly after 7.30pm.
The man was treated for stab wounds to the head and shoulder before being taken to the Walgett Multipurpose Centre.
He was then airlifted to Dubbo Base Hospital and has since been transferred to Royal Prince Alfred Hospital, Camperdown.
Police are investigating the crime scene and are appealing anyone with information to contact Walgett Police.