Shaun Johnson put on a man-of-the-match display to spearhead the Kiwis to a 22-18 win and their second Four Nations title in Wellington.
Michael Jennings gave the hosts an early scare after capitalising on a Kiwis mistake, just after the 10-minute mark.
Jason Nightingale levelled the scores up 15 minutes later by touching down in the corner.
Johnson created New Zealand's second try of the match, as he danced in and out of Australia tackles to set up Manu Vatuvei with a long, looping pass to take the lead into half time.
The Kangeroos replied shortly after the break as Sione Mata'utia finished off a weaving move to get the visitors back in the game.
However, Johnson added the Kiwis' third after a impressive solo run, while Vatuvei got his second of the match four minutes after.
Ben Hunt gave the hosts a late scare as he scored Australia's third with three minutes remaining but this proved indecisive as New Zealand held on to become the 2014 Four Nations champions.