UPDATE 3.20PM: THE man charged with committing an ISIS-inspired terrorist attack in Sydney’s west has been named in court as Ihsas Khan.

The 22-year-old is accused of choosing a member of the public at random and stabbing them – almost to death – as they walked their dog through a park off Olhlfsen Road in Minto around 4pm on Saturday.

The victim, a 59-year-old man, sustained life-threatening injuries to his “body and hands”, police said.

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He remains in hospital today, fighting to stay alive after undergoing surgery last night.

Mr Khan is then accused of trying to attack police officers as they arrived at the scene on Saturday afternoon. It’s alleged that, while armed with a large knife, Mr Khan lunged at officers through a car window.

NSW Deputy Police Commissioner Catherine Burn said in a press conference the situation was “very volatile and very violent”.

“This clearly was a very volatile, very violent situation that police and members of the community were confronted with and unfortunately resulted in the victim receiving serious injuries,” Deputy Commissioner Burn said.

“When police arrived, (the suspect) confronted them, so we will allege that he was going to attack them also – that didn’t happen, fortunately.

“We will be alleging before court that this was an act inspired by ISIS, it was a deliberate act.”

Mr Khan was arrested and, following extensive questioning from membersof the Joint Counter Terrorism Team, was this morning charged with Commit Terrorist Act (Section 101.1 – Criminal Code Act (Cth) 1995), and Attempted Murder (Section 27 – Crimes Act (NSW) 1900).

The matter was mentioned briefly in Parramatta Bail Court today, but Mr Khan did not appear. The 22-year-old was formally refused bail and the case was adjourned to Wednesday.

In an interview filmed with 7News, witnesses claim to have seen Mr Khan “running around yelling Allahu Akbar – this is a good day to die” during the attack.

Minto Terror Attack: "Running around yelling Allahu Akbar. This is a good day to die" – Andy Thorton. #7News pic.twitter.com/s8e9URrAoI — 7 News Sydney (@7NewsSydney) September 11, 2016

Deputy Commissioner Burn confirmed members of the public and police officers at the scene recalled hearing Mr Khan shouting “a number of things”, but stopped short of revealing what those “things” were.

Speaking to reporters in Brisbane shortly after news of the attack broke on Sunday morning, Federal Attorney-General George Brandis said material relating to Islamic State had been recovered during a raid on Mr Khan’s home.

EARLIER 11AM: A 22-YEAR-OLD man charged with a committing a terrorist attack after going on a stabbing rampage in a Sydney park yesterday had been inspired by Islamic State, police have revealed.

The man is accused of savagely stabbing a complete stranger almost to death at a reserve on Olhlfsen Road at Minto around 4pm on Saturday.

The victim, a 59-year-old man, was walking his dog through the park when he was attacked, stabbed multiple times in a frenzied attack. He sustained life-threatening injuries to his body and hands.

Police raced to the scene where they were confronted by the suspect. Armed with a large knife, the 22-year-old allegedly lunged at an officer through a car window and attempted to stab him.

NSW Deputy Police Commissioner Catherine Burn said it was possible the armed assailant had attacked the stranger in an attempt to lure police to the scene and attack them.

“We will be alleging before court that this was an act inspired by ISIS, it was a deliberate act,” Deputy Commissioner Burn said.

“There was clearly some degree of planning and preparation into something just before the incident happened.

“This clearly was a very volatile, very violent situation that police and members of the community were confronted with and unfortunately resulted in the victim receiving serious injuries.

“When police arrived, (the suspect) confronted them, so we will allege that he was going to attack them also – that didn’t happen, fortunately.”

Deputy Commissioner Catherine Burn said the assailant was known to police but was not on a terror watch list.

“We know that this person has strong extremist beliefs inspired by ISIS,” Deputy Commissioner Burn said. “What made him actually act yesterday we don’t know but hopefully our further investigations will uncover that.”

“He has previously been before the court on a property related charge and he has had a couple of interactions with local police over matters where you might say his behaviour was ‘odd’ or ‘unusual’ – he is clearly dealing with some issues.

“He was not connected, though, as far as we know, to any known terrorist group or any of our known terrorist persons of interest.”

Deputy Commissioner Burn said members of the public and police heard the man shouting “a number of things” during the attack.

She said it was these phrases – which have not yet been revealed – that led police to believe the attack was inspired by ISIS.

The 59-year-old victim remains in a critical condition in hospital this morning after undergoing surgery last night.

The 22-year-old accused ‘terrorist’ was detained by police at the scene on Saturday afternoon and spent last night being interviewed by the counter-terrorism unit.

He is due to front Parramatta Bail Court today, charged with Commit Terrorist Act (Section 101.1 – Criminal Code Act (Cth) 1995), and Attempted Murder (Section 27 – Crimes Act (NSW) 1900).

EARLIER 8.30AM: A MAN is fighting to stay alive in hospital after being stabbed in what police are calling a suspected terrorist attack in Sydney’s west.

Police said the 59-year-old man was stabbed a number of times while walking through a reserve off Ohlfsen Road in Minto around 4pm yesterday.

He suffered serious injuries to his body and hands and remains in hospital in a critical condition.

When police from Macquarie Fields arrived at the scene, the knife-wielding man allegedly tried to stab an officer through a car window before he was arrested.

A large knife was seized for forensic examination and the man was taken to Macquarie Fields Police Station.

The Joint Counter Terrorism Team, comprising the NSW Police Force and the Australian Federal Police, has been investigating the incident together with Macquarie Fields Local Area Command.

Police confirmed the victim and the other man were not known to each other.

The 22-year-old man was this morning charged with Commit Terrorist Act (Section 101.1 – Criminal Code Act (Cth) 1995), and Attempted Murder (Section 27 – Crimes Act (NSW) 1900).

He was refused bail to appear at Parramatta Bail Court later today.

Police would like to reassure the community there is no ongoing threat in relation to this incident.

Anyone with information should always come forward no matter how small or insignificant you may think that may be. The National Security Hotline is 1800 123400.