Rod Patterson was taken to a Melbourne's The Alfred Hospital following the incident in the Bourke Street mall.

His injuries are currently unknown.

Mr Patterson's wife, Maree, posted to social media thanking everyone for their wishes.

So unfortunately we got caught up in the attack in Bourke Street this afternoon and Rodney was hurt good news is he is in a great hospital and doing OK given the circumstances, she wrote.

Mr Patterson, who was a franchisee for Launcestons Autobarn, sold the business earlier this year after 20 years.

He is also the past president of the South Launceston Football Club.

He owns an apartment in Melbourne.

Launceston Chamber of Commerce treasurer Janine Healey, who was president of the chamber when Mr Patterson was on the board, said she was shocked by the incident.

He's been such a great member for the community, Mrs Healey said.

Not just his links with the business community, but football in particular and also with his ties with White Ribbon.

He was very enthusiastic about things, particularly retail.

I understand he sold his business to start mentoring, which shows the calibre of the man.

Victoria Police Chief Commissioner Graham Ashton said the man who stabbed three members of the public and attacked police officers had died in hospital.

The man had been shot by police and succumbed to the gunshot wounds in Royal Melbourne Hospital roughly half an hour after the incident in Bourke Street on Friday afternoon, he said.

He said three men were stabbed during the Bourke Street incident.

The three men were rushed to Royal Melbourne Hospital, and one man died from his wounds.

The man's next of kin were being notified and his identity will not be released at this stage, he said.