Australia has claimed its fifth Cricket World Cup title in spectacular style with a win over New Zealand at the MCG overnight.

A record crowd has packed the Melbourne Cricket Ground to see Australia face off against New Zealand in the final of the Cricket World Cup.

Australia's bowlers starred with the ball, skittling New Zealand for a total of 183 in the World Cup final at the MCG.

Michael Clarke will be out to end his one-day international career in style when he leads Australia in today's World Cup final against New Zealand in Melbourne.

Australian captain Michael Clarke has announced his retirement from One-Day cricket, with the World Cup final to be his last match.

Australia's cricketers will have an optional training session today as they prepare for tomorrow's World Cup final against New Zealand at the MCG.

Michael Clarke and the Australian team has arrived in Melbourne, with the skipper saying their earlier loss to New Zealand has benefited them.

Australia will play tournament co-host New Zealand in the Cricket World Cup final.