A man was stabbed in the upper chest in Rocherlea after a dispute over fireworks on the night of Australia Day, police say.
A 27-year-old Rocherlea man was transferred to the Royal Hobart Hospital and remains in a serious but stable condition after a knife wound caused injuries to his lungs.
The incident started in a public reserve bordered by Reservoir Road and Cupania Street about 10pm on Tuesday.
Detective Acting Inspector Nick Clark said the man was in a group of four who were involved in an altercation with a 54-year-old Launceston man.
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"Initial investigations reveal that the parties are known to each other and last night there were some fireworks - or something similar - being let off in the Rocherlea area that led to the parties confronting each other and the incident occurring," Detective Acting Inspector Clark said.
When police arrived, "several hundred people" were in the area, he said.
The 54-year-old man was found nearby and taken into custody without incident. He is assisting police with their inquiries and has not been charged.
Detective Acting Inspector Clark said initial investigations indicated that "some or all of the persons involved consumed alcohol".
Investigations are continuing.
Anyone with information can contact Crime Stoppers on 1800 333 000.