The Australian syndicate's boat, skippered by John Bertrand, fought back from a 3–1 deficit to best the Dennis Conner-helmed defender, ending both the longest winning streak in sporting history and U.S. domination of the racing series.

[1] The crew included team principal Dennis Conner as skipper, Tom Whidden, navigator Halsey Chase Herreshoff, Scott Vogel, and mainsheet trimmer John Marshall.

During the summer preceding the trials Conner had been the focus of extensive media attention in the U.S., including an appearance on the cover of Sports Illustrated magazine, a rare recognition for a sailor.

[5] Alan Bond arrived at Newport with Australia II, billed as one of the biggest threats to American dominance of the 12 Metre class.

This second point could have made Australia II illegal under the requirement that the boat be "designed and constructed in country" as the Deed of Gift that governed the competition stipulated.

Australia II dominated the challenger series and entered the America's Cup finals as the most promising contender to date.

Australia II crossed the finish line with a winning margin of 41 seconds, becoming the first successful challenger in the 132 years "since the schooner America won it in a race around England's Isle of Wight in 1851".

Prime Minister Bob Hawke was interviewed at the dawn celebration at Royal Perth Yacht Club, Western Australia.

After humorously fending off repeated questioning by journalists about whether he would declare a public holiday he admitted this was a state matter and outside his power as Prime Minister.

If I hadn't lost it, there never would have been the national effort... without that there never would have been the ticker-tape parade up Fifth Avenue in New York, lunch with the President at the White House and all the doors of opportunity that it opened".