Chris Ciriello struck twice in the first-half from penalty corners to give the Aussies a commanding lead at the break.
Ciriello then completed his hat-trick from another penalty corner early in the second period and Eddie Ockenden rounded off the scoring for the world champions from close range 20 minutes from time.
Earlier, England claimed the bronze medal courtesy of a 4-2 win in a penalty shootout over New Zealand after a thrilling 3-3 draw.
Ashley Jackson was England's star man as he scored twice in normal time before sealing victory in the shootout from the penalty spot.
It is the first time since the inaugural hockey event at the Commonwealths in Kuala Lumpur in 1998 that England have won a medal in the men's hockey.
"I'm happy the guys got rewarded with a bronze medal this time because we have finished fourth too many times," said England coach Bobby Crutchley.
"It's been a fantastic experience, I'm amazed with the amount of English people who made the trip to come see us play. We play in great stadiums but here it was just amazing."