Ricky Ponting's men won the biennial event for the first time in five attempts after bowling the defending champions out for 138 and then cantering home in the 29th over at the Brabourne stadium.

The target was revised to 116 from 35 overs after rain prevented play for two hours and 15 minutes. Australia was 2 for 45 after 10 overs when the heavens opened.

A buoyant Australia will now return home to prepare for the Ashes series against England starting in Brisbane on November 23, after adding the only major trophy missing from their overflowing cupboard.

"It's a great feeling to win what we had not been able to do till now," said a beaming Ponting. "When it comes to the big games the boys put their hands up and deliver.

"It does not hurt us at all that we continue to do well ahead of the Ashes but before that we will like to celebrate this win tonight. It's quite special."

West Indian captain Brian Lara rued the batting failure but complemented his team for reaching the final.

"We worked hard to get here so it is obviously a bit disappointing that we did not do well today," he said.

"Maybe it was a bit of stage fright. But the boys have started to believe in themselves and this will hold us in good stead for the World Cup we host in March.

"I am quite proud to lead this team. It has the potential to go far."

Bracken breakthroughs

Left-arm seamer Nathan Bracken took three top-order wickets for 22 runs and the West Indies lost their last eight wickets for 58 runs after sailing merrily at 2 for 80 in the 10th over on a slow wicket.

A sell-out crowd of 35,000, noisily backing the underdogs from the West Indies, erupted when Australia slipped to 2 for 13 in the fourth over.

Adam Gilchrist was caught in the slips by Chris Gayle off Ian Bradshaw for 2 and Ponting was leg-before to Jerome Taylor for no score.

Damien Martyn and Shane Watson boosted the world champions with an unbroken third-wicket stand of 103 on either side of the rain interruption.

Watson returned unconquered on 57 and was declared the man of the final. Martyn was unbeaten on 47.

The West Indies, fielding seven players who won the last Champions Trophy in England two years ago, made a rollicking start as openers Gayle and Shivnarine Chanderpaul plundered 49 off the first five overs.

Chanderpaul, who took 10 runs in Brett Lee's first over, hit 27 off 18 balls before he was bowled by Bracken with the first ball of the sixth over.

Left-hander Gayle, the top-scorer in the tournament with 437 runs from seven previous matches, hit Glenn McGrath for two sixes as he raced to 37 off 27 balls.

Bracken, who had claimed Ramnaresh Sarwan as his second wicket, ended Gayle's hurricane innings when he knocked back the off-stump with a superb delivery that moved in off the seam.

Gayle ended with 474 runs including three centuries and was named the man of the tournament. Team-mate Taylor was the leading bowler with 13 wickets.

Captain Lara, given a rousing welcome to the crease by the crowd, plodded for 26 minutes for two runs before falling to a brilliant diving catch by wicket-keeper Gilchrist off McGrath.

Another Gilchrist catch off McGrath removed Runako Morton as the West Indies suddenly found themselves cornered at 5 for 94 in the 19th.

McGrath, who had conceded 22 runs in his first two overs, gave away just two runs in his next five before being replaced by Watson.

Watson struck in his second over when Marlon Samuels (7) flicked a catch to Ponting who had stationed himself at mid-wicket for that particular shot.

Australia gained two further wickets off as many balls as Watson trapped Carlton Baugh leg-before with the final delivery of the 25th over and spinner Brad Hogg dismissed Dwayne Bravo (21) in similar fashion in the next over.