The final few minutes of the game were heart stopping, with the Black Sticks taking a 2-1 lead with a penalty corner goal, only for Australia to tie the game again with 29 seconds remaining.
With the match locked up 2-2 at full-time, goalkeeper Devon Manchester proved the hero in the shoot-out with three saves, resulting in a 3-1 victory for the Kiwis.
It was the first time in the tournament's history that the winner has been decided by a shoot-out, and also the first time the final has been an all-Oceania affair.
Head coach Colin Batch was thrilled that his side was able to close out the game under the intense pressure of a shoot-out.
"We're all very excited right now and pleased with our performance, not only in the final but throughout the tournament," he said.
"I thought Devon had an outstanding game in goal, some of the saves he made gave the rest of the team a lot of confidence and we kept fighting right to the finish."
Old Collegian and captain Simon Child was also in the team.
Congratulations to the Black Sticks!