Luke Doerner and Des Abbott took their tournament goal tallies to five as Australia stormed into a 2-0 lead.
James WilsonÃ¢â‚¬â„¢s controversial third was followed by a Jamie Dwyer strike to complete the rout.
The Kookaburras ended the tournament unbeaten and are looking strong contenders for gold come London 2012.
For England, reaching the final after victory in last year’s European Championships and fourth place in February’s World Cup demonstrates further signs of progression as the build-up to the Olympics continues.
And their run to the final is made all the more impressive considering the substantial losses of talisman Richard Mantell and captain Barry Middleton.
Assistant coach Bobby Crutchley spoke positively of EnglandÃ¢â‚¬â„¢s performances in reaching the final and admitted to being caught cold by the Aussies.
“It’s been pleasing to come here with some inexperienced players who have played very well,” he said.
“We started slowly and if you start slowly against Australia they punish you.
He added: “They’re the best team around. Even then we did cause them some trouble towards the end of the first half.
“It’s our first ever medal in the Champions Trophy and we’ll just have to go one better next time.”
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