The 34-year-old, unofficially named by media as Sydneysider Benjamin D'Emden, was attacked while swimming at a remote island resort.
A spokesman from the Department of Foreign Affairs and Trade said the man suffered lacerations to his face and neck.
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He was medically evacuated to the National Referral Hospital in the nation's capital of Honiara and remains in a stable condition.
The Australian High Commission in Honiara is providing the man with consular assistance and he is in contact with his family in Australia..
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