Australia claimed their first men's title in the shortest format after beating New Zealand in the tournament showpiece 11 months ago but the Black Caps gained a small measure of revenge at Sydney.
They flew out of the traps thanks to Finn Allen's 42 off 16 balls while fellow opener Devon Conway's 92 not out off 58 deliveries lifted the Kiwis to 200 for three after they were invited to bat first.
Tim Southee became the leading T20 international wicket-taker of all-time with his 123rd dismissal in fortuitous fashion as David Warner was bowled via ricochets off his leg, arm and the back of his bat.
Southee finished with three wickets for just six runs from 2.1 overs, bookending the innings when Pat Cummins shovelled in the air to be caught by Conway, as New Zealand claimed their first win in any format over their Antipodean rivals on Australian soil since December 2011.
Australia, who were bowled out for 111 in 17.1 overs, now have little room for manoeuvre if they wish to progress from the Super 12s and must now win all of their four fixtures to give themselves the best chance of qualifying for the semi-finals.