New Zealand have won the toss and will bat first in the World Cup final against Australia.

Captain Brendon McCullum had no hesitation with his decision, banking on the pattern of results at the Melbourne Cricket Ground to continue.

All four tournament games at the venue have been won comfortably by the team batting first, who have posted scores in excess of 300.

Australian captain Michael Clarke said he would have batted first if successful with the toss.

As expected, the tournament co-hosts are fielding unchanged lineups.

New Zealand beat South Africa by four wickets in their Auckland semi-final on Tuesday while Australia beat India by 95 runs in Sydney on Thursday.

Australia are making their seventh appearance in the final and are chasing a fifth world title.

New Zealand, who are unbeaten at the tournament, are making their first appearance in a World Cup final.

They beat Australia by one wicket when the teams met in group play at Auckland a month ago.

Conditions are warm, with a slight breeze, and are expected to stay that way.

Australia: Michael Clarke (captain), Aaron Finch, David Warner, Steve Smith, Shane Watson, Glenn Maxwell, James Faulkner, Brad Haddin, Mitchell Johnson, Mitchell Starc, Josh Hazlewood.

New Zealand: Brendon McCullum (capt), Martin Guptill, Kane Williamson, Ross Taylor, Grant Elliott, Corey Anderson, Luke Ronchi, Daniel Vettori, Tim Southee, Matt Henry, Trent Boult.

Umpires: Richard Kettleborough (England), Kumar Dharmasena (Sri Lanka).

Third umpire: Marais Erasmus (South Africa).

Match referee: Ranjan Madugalle (Sri Lanka).