The World Cup holders in the shortened version of the game had not been favored in either final after some inconsistent performances on the world sevens circuits.
The second half was barely 30 seconds old when Charlotte Caslick raced away to restore Australia's lead once more but it again didn't last long with Naoibasali scoring her second to tie the scores at 10-10. And Australia soon were level after Ellia Green beat the New Zealand defence on the right-hand touchline following a ideal pass from Tonegato.
In a game littered with what-ifs for the Australians, Cassie Staples kicked the ball into the crowd while Australia had possession at full-time and within 40 meters of the tryline. But I think our basic errors cost us.
"This has shown our tenacity and how much effort we put out there on the pitch", she added.
"But yeah, don't like losing and I'm sure there's always going to be that 'what if, what if?"
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South Africa's Blitzboks, the defending Commonwealth Games champions, suffered a shock 21-14 defeat at the hands of England after trailing 14-0 at halftime in their bronze medal play-off on Sunday at the Gold Coast, Australia.
"It's pretty satisfying, we watched the women go into overtime and their win at the end really inspired us to get the double", New Zealand men's captain Tim Mikkelson said.
"I would also like to say a big thank you to the Commonwealth Games Federation and the Gold Coast organising committee for their support in staging such a superb sevens competition, but most of all our thanks go to the teams, fans and volunteers who have made this a truly special Commonwealth Games sevens competition".
"We are extremely proud of the team and the management who put their foot forward and did it for Tyla and the rest of the supporters here and for New Zealand".
Their men downed Fiji to become Games champions once more‚ having won five of the six sevens crowns since the sport was introduced at Kuala Lumpur 1998‚ except for four years ago.