Story highlights Seven people who planned to attack Melbourne have been arrested, authorities say

Authorities say the foiled attack was inspired by ISIS

(CNN) Australian police said Friday they arrested seven people as part of an investigation into a plot to attack central Melbourne on or around Christmas Day.

Prime Minister Malcolm Turnbull said the alleged terrorists planned to "explode improvised explosive devices" in the city's business district.

He called it "one of the most substantial terrorist plots that have been disrupted over the last several years."

There is no ongoing threat, police said.

Police say terrorists planned to bomb several prominent landmarks in Melbourne.

'They have been thwarted'

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