Sri Lanka innings:
49th over: Malinga misses as McKay hits! It's all over and Australia are the CB Series champions. A fully deserved five-wicket haul for the Aussie pacer who finishes off with figures of 5/28.
Australia's David Warner, second left, and Clint McKay jump in the air after the dismissal of Mahela Jayawardene. (AP Photo)
Lasith Malinga b McKay 6
A wild swing across the line from Rangana Herath and he is cleaned up by McKay, who has been in scintillating form throughout the evening.
Rangana Herath b C McKay 0
46th over: Captain Shane Watson leads by example. Comes back into the attack to get rid of Upul Tharanga for 71.
Tharanga c M Wade b Watson 71
45th over: Sri Lanka bring up their 200 for the loss of seven wickets.
Will Tharanga and Maharoof do it for the islanders with 30 required off 30 balls.
39th over: After being struck for 11 runs in the over, Brett Lee gets his own back by having Kulasekara caught by Nathan Lyon at mid-on.
Kulasekara c Lyon b B Lee 15
36th over: Clint McKay notches up his third wicket of the match by having Kapugedera caught behind by wicketkeeper Mathew Wade for 7. The balance shifts in favour of Australia once again.
Kapugedera c Wade b McKay 7
Watson breaks a stubborn 60-run stand between Thirimanne and Tharanga to bring Australia back in the match. It's anybody game with a little over 23 overs to go.
Thirimanne c Warner b Watson 30
Thirimanne and Tharanga are doing a decent job of Sri Lanka's recovery act. At the halfway stage the score is 109/4 and the 50-run partnership has been brought up as well.
17th over: The runs have dried up. Thirimanne and Tharanga opting for the safe approach with four of Sri Lanka's batsmen already back in the hut.
The score at the end of the over is 72/4.
10th over: A killer blow for the Aussies! McKay goes through the defences of Mahela Jayawardene and the Lankans are four down. Out of nowhere the target of 232 now seems to be a long way away.
Jayawardene b Clint McKay 15
9th over: After having survived an lbw appeal in the over, Chandimal falls this time around as he is caught right in front of his stumps. It's game on as Sri Lanka are reduced to 52/3.
LD Chandimal lbw b McKay 5
7th over: Sangakkara slashes outside his off stump and the ball goes flying to Shane Watson at second slip who takes a sharp catch.
Australia strike against the run of play as Brett Lee grabs his second wicket.
KC Sangakkara c Watson b Lee 19
3rd over: Dilshan out. He tries to take a single on the leg side but gets a leading edge. David Hussey takes a dolly at cover. Bravo, Brett Lee! Sri Lanka 23 for one.
Dilshan c DJ Hussey b Lee 8 (8)
2nd over: Surprise, surprise! Xavier Doherty comes on. But he fails to impress as Dilshan takes two fours off him. Sri Lanka 16 for no loss. It seems the Lankans are in a hurry.
1st over: Brett Lee opens the bowling for Australia. Sri Lanka 8 for no loss, courtesy four leg byes off the third ball.
50th over: Australia lost their last two wickets as Kulasakara chipped in with the scalps of Brett Lee and Nathan Lyon.
B Lee b Kulasekara 32
Lyon c Senanayake b Kulasekara 0
46th over: A promising partnership of 40 runs between Brett Lee and Clint McKay comes to an end, with the latter well caught by Maharoof at deep mid-wicket, off the bowling of Rangana Herath.
McKay c Maharoof b Herath 28
43rd over: Brett Lee breaks the shackles by smacking Nuwan Kulasekara for a six as Australia bring up their 200.
38th over: It's seven down for Australia as Daniel Christian heads back to the pavilion. Captain Jayawardene takes the catch as Maharoof gets another one.
Christian c Mahela b Maharoof 19
And now David Hussey goes! Maharoof picks up his second wicket as the misery continues for Australia. The score is 151/6.
David Hussey lbw b Maharoof 19
25th over: Australia now lose half their side as Peter Forrest is bowled by Herath.
Sri Lanka on a roll as the hosts' slide continues.
Peter Forrest b Rangana Herath 3
21st over: Shane Watson brilliantly caught by Rangana Herath off Tillakratne Dilshan at deep square leg as Sri Lanka lose their second wicket.
14th over: Farveez Maharoof gets the all-important wicket of David Warner by inducing an outside edge, and Kumar Sangakkara takes a fine catch behind the wickets.
Warner c Sangakkara b Maharoof 48
8th over: After a slow start the Aussies are well on their way, as the score progresses to 47/0 at the end of the over.
Warner once again leads the way with a six and four boundaries already to his name.
3rd over: A quiet start by Australia who are 5/0 at the end of the over. A cautious approach by Warner and Wade.
Sri Lanka captain Mahela Jayawardene won the toss and elected to bowl in the third CB Series final against Australia on Thursday.
The best-of-three finals is tied at 1-1 after Sri Lanka beat Australia in the previous match at the Adelaide Oval by eight wickets.
Australia had earlier got the better of Sri Lanka in a closely fought affair in the first final at Brisbane by 15 runs.
Australia will be captained by Shane Watson in the absence of the injured Michael Clarke.