A state government has stopped short of committing to harsher penalties for young criminals as the hunt continues for a group wanted over the deadly stabbing of two boys.

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Dau Akueng, 15, and a 12-year-old boy were fatally attacked while walking home in Cobblebank in Melbourne's outer northwest on Saturday evening.

Witness reports and CCTV vision showed the killings were committed by up to eight masked males armed with machetes and long blades.

The offenders remain on the run, with police describing the alleged ambush a

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