It was a keenly-contested battle between the two finalists of last edition but once again Australia came out on top in the shoot-out to clinch their 15th Champions Trophy title.
India, however, had to contend with a consecutive runners-up finish after failing to get past the Kookaburras in what was the 37th and final edition of the tournament.
Australia took the lead in the 24th minute through a penalty corner conversion by Blake Govers, but India drew parity in the 42nd minute through a field strike by young Vivek Sagar Prasad.
A 1-1 scoreline was what the teams could manage in the regulation time and like last year, the final went into the shoot-off.
Australia came out on top in the battle of nerves, courtesy goalkeeper Tyler Lovell, who evicted three saves to turn out to be the hero.
Hosts Netherlands clinched the bronze medal defeating Olympic champions Argentina 2-0 in the third-fourth place play-off match earlier in the day.