"As a matter of course, the Australian government will continue to monitor security developments and adjust security settings as needed", he said.
"There have been reports the device was a domestic meat mincer which would have been filled with explosives and detonated on board".
Authorities arrested four men in connection with the plot, The Australian reported.
Colvin said police were still investigating the specification location, date and time of the planned attack, but confirmed that information pointed to the likelihood that "the aviation industry was potentially a target".
Security has been increased at worldwide and domestic airports around the country. On Sunday, a magistrate gave permission for an additional period of detention, meaning the four can be held for up to seven days without charge.
"The travelling public can expect to experience an increased level of security scrutiny at the airport but they should not be concerned about these precautionary measures", it said.
Yesterday, he said police believed the plot is "Islamic-inspired terrorism". Had it been another type of investigation, they may have waited before conducting raids.
"This is about prevention, it is fair to say, you have no choice but to jump in. we'll be taking action when we don't have all the pieces of the puzzle to put together".
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At a time when "lone wolf" and low-tech terror attacks - such as vehicle-ramming and stabbings - have become more commonplace, especially in Europe, the thwarted plot sounds more akin to those of past years, when terrorists sought to carry out more high-profile attacks on aircraft, using bombs hidden in hand-luggage liquids, shoes or underwear.
The national terror alert remains unchanged at "probable".
What is the impact on travel?
Mr Turnbull said the arrangements could remain for some time.
The precautions include additional checks of cabin and checked baggage at Sydney, Melbourne, Brisbane, Darwin, Hobart, Perth, Adelaide, Canberra, Cairns and the Gold Coast.
He advised travelers in Australia to arrive at airports earlier than usual - two hours before departure - to allow for extra security screening and to minimize baggage.
Mr Turnbull was later asked why the government hadn't beefed up resources along with stepping up security.