The Government will compensate Tyson Gregory Redman $500,000 for a wrongful conviction that saw him spend two and a half years behind bars.
Justice Minister Andrew Little said the Crown accepted Mr Redman's innocence, and apologised unreservedly for his wrongful convictions and imprisonment.
Mr Redman spent two and a half years in prison after being convicted of wounding and injuring in August 2007.
The Court of Appeal quashed the convictions in December 2013, and Mr Redman applied for compensation in July 2014.
"I recognise the Crown's offer of compensation will never completely correct the wrong that Mr Redman has suffered, but I hope it will help him and his family recover from the distressing experience they have been through," Mr Little said.
Former Justice Minister Amy Adams asked for independent advice from Dr Donald Stevens QC in 2015, who concluded in early 2017 in an initial report that Mr Redman was, on the balance of probabilities, innocent of the charges against him.
After the 2017 election, Dr Stevens completed a second report, recommending that Mr Redman be paid compensation to cover his pecuniary and non-pecuniary losses.
The Government offered Mr Redman a compensation payment of $551,000 - $475,722.75 for non-pecuniary losses adjusted for inflation, and $75,294.41 for pecuniary losses including legal costs.
The compensation will also provide him with financial support should he wish to receive professional counselling and therapy, of up to $21,700 for a two-year period.
Mr Redman has agreed to accept the Government's offer of compensation.