Those charged were allegedly planning to attack Melbourne's Flinders Street train station, nearby Federation Square and St. Paul's Cathedral on Christmas Day.
Chief police commissioner Graham Ashton said while they are confident the terror plot had been contained, extra police will be deployed at major events.
"We know there's lot of events on over the next several days right across our state, including the Boxing Day test, Christmas carols, other events that are on," he said.
Victoria Police and Cricket Australia were liaising over the appropriate security level.
"Our security team is in contact with the relevant authorities to ensure we have the appropriate level of security at the Boxing Day test and other cricket matches being held around the country," Cricket Australia chief executive James Sutherland said in a statement.
In a security-related move late in 2015, the MCG erected a new perimeter fence about 20 to 25 meters (65 to 80 feet) away from the stadium where spectators queue to pass through security before entering the ground.
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