England put in an inspired performance against a team who have outclassed their previous opposition, but Boyd Cordner's early try ultimately proved to be the difference as Australia regained their crown.
At the start of the tournament, Australia ran out 18-4 winners against England but Wayne Bennett's side showed throughout Saturday's contest that they had taken confidence from a hard-fought encounter with the multiple-time world champions.
England started well, but Australia soon began to assert pressure on the underdogs and the breakthrough eventually came in the 14th minute.
Cordner was the man to go over, pushing away the last man to touch down, and Cameron Smith was able to register the conversion to leave England on the rack.
England's first thought would have been to avoid falling further behind but to their credit, they showed plenty of ambition with Ryan Hall failing to take advantage of an opportunity down the flank and Jermaine McGillvary shining for Bennett's team.
Despite failing to get on the scoresheet, England had won a mini-battle in keeping the deficit down to six points, and they continued to match their hosts blow-for-blow after the restart.
Michael Morgan missed out on extending Australia's lead after his try was ruled out for an infringement from Smith, and they were unfortunate to be met by a strong Australian defence on more than one occasion.
The tension in Brisbane was only increasing with Australia being given their biggest test of the tournament, and England starting to sense that the upset could be on with the margin remaining at six points heading into the final 10 minutes.
England threw caution to the wind in the closing stages, but there was no way through and Australia were left to celebrate putting together a perfect set of results in front of their home supporters.