Victoria Police will hold a press conference at 9am which will hopefully shed more light on that terror arrest.
It is unclear whether that 20-year-old Werribee man was acting alone or what type of terror attack he was allegedly planning.
Again, police say the threat has been contained and there is no ongoing risk to the community.
This is not the first time authorities have foiled a terror plot on a public holiday in Melbourne.
Seven men were arrested in December over a Christmas Day terror plot targeting landmarks in Melbourne's CBD.
Four men were accused of planning to carry out an attack on some of Melbourne's most famous landmarks, including Federation Square, St Paul's Cathedral and Flinders Street Station [read more here].
Authorities say there is no ongoing risk to the community after the arrest of that 20-year-old man over an alleged New Year's Eve terror plot.
"Victoria Police and the Australian Federal Police would like to reassure the community that the threat has been contained and there is no on-going risk posed by this individual."
The Werribee man's arrest was part of a joint operation between Victoria Police, AFP and ASIO.
Police carried out raids at several properties about 3pm yesterday, searching two homes in Werribee and Meadow Heights as well as a commercial property in Footscray.
"It will be alleged the man arrested was involved in undertaking preparations for planning a terrorist act in Melbourne on New Year's Eve this year," a police spokesperson said.
The man is currently being interviewed by police but no further arrests are anticipated. His arrest is also not linked to any previous operational activity.
To some breaking news:
A 20-year-old Werribee man was arrested yesterday over his alleged involvement in planning a terror attack in Melbourne on New Year's Eve.
We'll bring you more as we have it.
They've been spotted up trees and light poles and fished out of the Yarra, but this photo of an oBike takes the cake.
A picture has emerged on Reddit of one of the loathed yellow bikes purportedly taken at Earthcore music festival in Elmore this weekend.
That's 180 kilometres from home. Someone has clearly gone to a lot of trouble to cart one of the dockless share bikes up there.
Perhaps they wanted a bike to ride around the festival and paid to use it, but I'm doubtful. Hopefully they were decent enough to bring it back with them.
A picture of an oBike taken at Earthcore music festival in November 2017. Photo: Reddit/User: kelerian
Thousands of Australian holidaymakers remain stranded in Bali as volcanic ash from Mount Agung spews into the air.
All flights in and out of Bali have been grounded with 59,000 passengers affected according to Ngurah Rai International Airport.
More than 40,000 people have also fled their homes. Authorities will this morning decide whether to reopen runways [more here].
Don Burke has denied allegations he is a sexual predator and self-diagnosed himself with Asperger's syndrome in a bizarre interview on A Current Affair last night.
The 70-year-old admitted to being a "bullying figure" but claimed the accusations against him of sexual harrassment, which emerged from more than 50 interviews, were simply a "witch hunt".
A Brunswick girl's guinea pig has been returned by the pint-sized bandit who stole it after police announced they were investigating.
Bobby the guinea pig was kidnapped on Saturday morning from the Anderson family's front yard by an opportunistic young boy who left behind his red BMX bike and distinctive gold helmet.
Channel Seven reports the boy's father saw the news before realising he was harbouring and fugitive and returned the pet to the Anderson family who say there's no hard feelings.
A car flipped onto its side and another caught fire after a crash in Tarneit which left a man and three children in hospital and caused 5700 people to lose power.
Police are appealing for witnesses following the accident involving three vehicles at Sayers and Crossway Avenue about 7pm on Saturday night.
A Toyota Camry carrying a 40-year-old man and three children rolled onto its side and a white Holden Commodore, which was reportedly driving erratically, crashed into a power transformer and caught fire.
The man and children were taken to hospital for observation, while an 18-year-old man is helping police with their enquiries.
OUTAGE: 5700 customers are without power in Tarneit, Hoppers Crossing and Truganina due to a car hitting a power pole. Est restoration at this stage is 9pm. Thx for your patience. Updates: https://t.co/oaQnTb8TkJ
— Powercor Australia (@PowercorAust) November 25, 2017
Olympic swimmer Susie O'Neill has stepped forward and accused Don Burke of harassment as the celebrity gardener claims to be the victim of a "witch hunt",
In an interview with Fairfax Media, O'Neill said Burke made "crude and belittling" comments, an accusation immediately corroborated by her manager and crew members.
Nothing but sunshine on the horizon today. We're in for a top of 29 degrees.
Sunscreen in needed between 9am and 5pm with the UV index reaching 11, which is extreme.
Good morning Melbourne!
A royal engagement - how exciting! I know this is Melbourne Express, but how can we not celebrate?
Stick with me until 9am as I bring you the local headlines, transport and traffic news and, yes, the occasional royal fodder.
You know the drill. Get in touch with your news tips, pictures or comments from your journey to work via email or on Twitter @ebonybowden.
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