Melbourne: New Zealand captain Brendon McCullum said he had no regrets after his team were beaten by Australia in the World Cup final at the Melbourne Cricket Ground on Sunday.

Despite being bowled for a duck in the first over of the day then seeing his team beaten by seven wickets, a gracious McCullum said he was still proud of his team.

‘It's been one hell of a ride for us, right the way through, we played some outstanding cricket,’ he said at the presentation.

‘We ran into an outstanding team in Australia, they continue to set the standard... they deserved to win.

New Zealand's hopes of pulling off an upset suffered a devastating blow when McCullum was clean bowled by Mitchell Starc in the first over of the day.

They recovered with a brilliant 83 from Grant Elliott and a dour 40 from Ross Taylor but lost their last seven wickets for 33 runs to be all out for 183 in 45 overs.

‘It probably didn't unfold as planned, but we got ourselves back in the game at 3 for 150,’ McCullum said.

‘With 180, you still dare to dream and it could have ended up differently with a couple of things going our way.’

For New Zealand, the tournament was still a great success. They had never played in a World Cup final before, reaching the semi-finals six times but losing on each occasion, and were unbeaten going into the final.

‘This is what you ask for as a cricketer,’ McCullum said.

‘We've forged memories and friendships that will last forever. We didn't lift the trophy but we have no regrets with the brand of cricket we've played .

‘We walk away with our heads held high. It's the greatest time of our lives and that's how we tried to play the game, with a free spirit and heart. I think we can be very proud of our achievements in this tournament.’