Stannard is in a stable condition after being punched in an unprovoked attack outside a Coogee Bay Road kebab shop this morning.
Stannard was taken to St Vincent's Hospital where his condition has since been stabilised.
"The 22-year-old man who threw the punch then fled the scene, but was apprehended by witnesses until police arrived and placed him under arrest".
Stannard was allegedly struck by a man in an unprovoked attack after reportedly having a "nice conversation" with him at around 03:10, after attending a dinner with his teammates.
Friend said he was standing near Stannard and saw his head hit the pavement "very hard".
"Every indication at this point in time is that there'll be no long-term damage to James, he'll be fine". However, he has sustained head injuries.
The 35-year-old received a fractured skull in the attack, with his hopes of captaining Australia's sevens team at next month's Commonwealth Games now seemingly over.
Stannard has been cleared by his neurosurgeon and an ear, nose and throat specialist to leave hospital, however he is likely to remain there for another day.
Ball-tampering: Steve Smith, David Warner get 12-month bans
The Cricket Australia punishments followed an internal investigation into the extent of the cheating plot in South Africa . We love all our players and they are going through a really rough time, as you'd imagine you would be in this scenario.
He said he, Holland and O'Donnell chased the alleged attacker and held him down for about two or three minutes until police arrived.
The 2014/15 World Seven Series began in Australia's Gold Coast last month and will see the 16 participating teams travel to Dubai, South Africa, New Zealand, the United States, Hong Kong, Japan, Scotland and England.
On Thursday evening, members of the Australian team had surprised Friend with a farewell dinner at Coogee's Crowne Plaza, ahead of his contract expiring in July.
Stannard has been ruled out of the Commonwealth Games after fracturing his skull. They said come back when you need to'.
Stannard had played in a Commonwealth Games warm-up match in Sydney just hours before the incident.
"What staggers me is that we can get to a stage where we feel the need to act with such violence to an individual", he said.
The British man, charged with assault occasioning actual bodily harm, was granted conditional bail on Friday and is due to return to court on April 19.
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