The 21-year-old came back from a set down to win 4-6 6-2 6-2 and become the youngest winner of the event since Maria Sharapova 12 years ago.
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The junior singles champions were crowned at Melbourne Park on Saturday. In an all-French boys' final, it was 17-year-old top seed Harold Mayot who defeated Arthur Cazaux 6-4 6-1.
The girls' title went to 14-year-old Victoria Jimenez Kasintseva, who was not only the youngest player in the draw but also now the first player from Andorra to win a grand slam title.
Alcott chasing Djokovic
Dylan Alcott is one of Australia's most popular tennis players and he thrilled Rod Laver Arena by beating Britain's Andy Lapthorne 6-0 6-4 to win the quad wheelchair singles title for a sixth time.
He was joined on court for a picture by Novak Djokovic, who can win his eighth title on Sunday, and Alcott joked: "I always say to him, 'Mate, I'm only one behind you'. But then guess what he does?"
It was not the result Lapthorne had hoped for, but he enjoyed the occasion, saying: "I've been coming here for years watching Andy Murray and hearing, 'Come on Andy'. For that to be me today, that will live for me forever."
Who's up next?
Djokovic can extend the record he already holds and match Roger Federer at Wimbledon by claiming his eighth title.
The 32-year-old, who will also reclaim the world number one ranking if he wins, takes on first-time Australian Open finalist Dominic Thiem.
Britain's Joe Salisbury will try to win a first grand slam title when he and American Rajeev Ram take on Australians Max Purcell and Luke Saville in the men's doubles final.