Jonny Bairstow's swahsbuckling 139 and a magnificent 147 by Alex Hales took England past the total of 444 for three they made against Pakistan, also at Trent Bridge, two years ago.
Captain Eoin Morgan joined in the fun as he struck a 21-ball half century -- the fastest by an England batsman in ODIs - to become his country's leading one-day run scorer.
It looked as though England would go past the 500-run barrier before a few late wickets caused the run flow to dry up slightly.
England failed to score any boundaries in the last four overs -- but before that they struck 21 sixes during an incredible display of strokeplay.
Australia fast bowler Andrew Tye suffered the worst punishment, his nine overs going for 100 runs.
England went on to bowl Australia out for 239 in 37 overs, winning by 242 runs.
The embarassing loss comes after Australia tumbled to a 34-year low in the ICC ODI rankings to land in sixth place behind Pakistan.
The last time Australia found themselves out of the top five was in January 1984, according to cricket.co.au.
With defeats to England in the first two ODIs, Australia's ranking reflected their sudden downturn as a side since defeating Pakistan in January 2017.
Australia have lost 14 of their past 16 ODIs and as the Cricket World Cup looms, the reigning champions will need to bring about a drastic turnaround when they face England on Tuesday in the third game at Nottingham.
With NZME
