Auckland: Australia were knocked from the world No. 1 spot Sunday when New Zealand smashed a colossal 337 for five to win their one-day International here and clinch the best-of-three series.

Australia set what seemed an imposing target of 336, but Ross Taylor, Peter Fulton and Craig McMillan belted New Zealand to victory with an over to spare.

They now hold an unbeatable 2-0 lead in the three-match Chappell-Hadlee Trophy series. It was Australia’s fourth successive loss and second successive series defeat as the reigning world champions continue to struggle in a drastic form slump a month away from the World Cup. South Africa now take over as the No. 1 ranked team.

Stung by their 10-wicket loss to New Zealand in the first match of the series on Friday, Australia scored at will from all the New Zealand bowlers with the exception of Shane Bond.

Their 336 for four, with a headline captain’s knock of 105 from Mike Hussey, was a record score on the Eden Park pitch, easily eclipsing New Zealand’s 304 for five against Sri Lanka 24 years ago.

But it was a short-lived record as Taylor’s 117 and an unbeaten 76 from Fulton provided the backbone of the New Zealand innings, before a quick-fire 52 in 30 balls from McMillan provided the final impetus.

He came to the crease with New Zealand requiring nine an over, and departed with four overs remaining and the target down to a run a ball.

New Zealand’s run chase started shakily when captain Stephen Fleming, who is struggling for consistency, fell to Nathan Bracken in the third over for six.

Fellow opener Lou Vincent, saw his luck desert him in the eighth over, also to Bracken and New Zealand were in trouble at 47 for two.