A dominant Emirates Team New Zealand almost white-washed the American cup-holders with a revolutionary boat and a new superstar sailor to avenge a humbling defeat four years ago.
At 26, Peter Burling has become the youngest helmsman to secure the cup.
Mr Burling usurped New Zealand's nemesis, Oracle Team USA skipper Jimmy Spithill, who won the cup in 2010 aged 30.
It's a huge blow for Australian Spithill, who was hoping for a third successive victory for the syndicate bankrolled by Oracle founder Larry Ellison.
Olympic champion Burling showered his jubilant team mates and support crew with champagne after their sleek black, red and white catamaran crossed the line.
"I'm just blown away to get the job done today. You know it's something we were setting up for a hell of a battle out there. That's why it's still sinking in that we've actually achieved it, we've got that trophy now and we're definitely going to celebrate soon."
Team NZ's Australian skipper, Glenn Ashby, told Sky news it's a victory that has come after four tough years of preparation.
"An amazing, amazing journey for Emirates Team NZ. And it's really been one of those rocky roads in the last few years, that has aged you more than the four years that has been in between the two campaigns. But the guys standing here behind and in front of me have absoloutely fought tooth and nail right the way through."
When Australia won the Cup from America in 1983, then-Prime Minister Bob Hawke almost declared a public holiday.
"I tell you what, any boss who sacks anyone for not turning up today is a bum. They'll work harder the next day to make up!"
Offered the same opportunity, New Zealand Prime Minister Bill English fired a friendly shot across Australia's bow:
"Oh, we're a more productive country, you know. They'll all turn up to work but they'll be happy in their work, there's no doubt about that. They're looking forward to the Lions game tonight. Again on the weekend, we're having a fantastic few weeks here in world class sport - and Kiwis love this sort of sport."
An emotional Spithill says it's too soon to contemplate his future following his team's defeat in the Cup.
The Australian and his team were unable to repeat the stunning comeback of 2013, instead handing the trophy to Team New Zealand.
The famously sharp-tongued Spithill was nothing but humble after his team crossed the finishing line well behind the Kiwis.
"I think it hasn't sunk in, it's definitely weird looking at the trophy and thinking 'jeez we've just lost that' but on the flip side I think we've really got to take our hats off to Emirates Team New Zealand, what an incredible team and what an incredible job. When you really look at their campaign I don't think they really had any weaknesses coming into the match."
Many have put New Zealand's triumph down to technology - the revolutionary "cycling" system developed to power the hydraulics needed to control the catamaran's foils, which lift it out of the water, and the vast "wing" sail which drives it along.
