Officers were called to Bel Air Avenue at Kirwan about 4.40pm on Friday, following reports a 52-year-old man was threatening self-harm.
About 15 minutes later, the man approached officers while holding knives, and was shot by police, Acting Chief Superintendent Chris Lawson said on Saturday.
The man was immediately given first aid but died shortly after paramedics arrived.
The incident was caught on police bodyworn camera footage, with up to six officers initially responding to the disturbance.
An acting sergeant, a number of senior constables and constables were present at the scene, Supt Lawson said.
He said he was confident based on briefings he'd had that officers acted appropriately during the incident.
"Our thoughts go out to the family involved because we don't want to see people being hurt and we don't want to see people die."
"We want to resolve these incidents as peacefully as possible."
Queensland Police's use of force policy was clear that officers should use whatever force necessary to resolve an incident at the minimum level possible, Supt Lawson said.
He said it was a distressing time for the man's family, with some living locally, but police would continue to provide them with support and information.
Supt Lawson could not confirm whether it was one or multiple officers who shot the man, and said that would form part of the Ethical Standards Command's investigation into the incident.
The investigation would also look into reports the man was taken to hospital the day before the shooting and discharged.
The force was providing support to officers involved in the incident, Supt Lawson said.
The standards command's investigation into the incident is subject to oversight by the Crime and Corruption Commission.
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