Both skippers look pleased to have one hand on the Trophy

England and Australia tied a stunning NatWest Series Final at Lord's as the hosts matched the Aussies' 196 off the final ball of the match.

Paul Collingwood and Geraint Jones put on 116 runs for the sixth wicket to rescue a desperate situation, but neither could go on to win the match.

Ten runs were needed off the last over, bowled by Glenn McGrath, and that became three off the last two balls.

But Darren Gough was run out before two leg byes brought England level.

With the day dawning overcast - the clouds never left north-west London - Michael Vaughan opted to bowl first after winning the toss.

But Australia got off to a flying start to be 50-0 in the seventh over, as Adam Gilchrist laced Simon Jones through the covers for a succession of boundaries.

It was one of the all-time great one-day cricket matches Ricky Ponting Quotes: More reaction

But as soon as the first wicket came - an out-of-sorts Matthew Hayden driving a catch to mid-off from a Gough delivery - the floodgates opened.

Wickets began falling at regular intervals and the runs started drying up alarmingly.

Gilchrist had a swipe at a slightly short Andrew Flintoff delivery which looped invitingly to Kevin Pietersen at midwicket.

Then Steve Harmison, kept under wraps until the 13th over, struck with his first delivery as Ricky Ponting - who had hit Gough for six - tickled a ball fine down the leg-side for Jones to take a good diving catch.

Harmison continued to bowl beautifully and was soon rewarded with a second wicket when Damien Martyn edged a delightful delivery to the wicket-keeper.

Harmison had given England huge hope with his three wickets

As the scoring rate stagnated, a virtually strokeless Michael Clarke was the next to be dismissed as Jones fired one in at his stumps to have him lbw.

At 93-5 a partnership was desperately needed and it came as Michael Hussey and Andrew Symonds played out 15 overs in patient fashion, adding 54.

But Symonds fell to Collingwood just before the final 10 overs began, exposing the tail to the returning pacemen.

Hussey continued to hit some superb shots, but Flintoff took two wickets in two balls and Harmison and Gough each claimed another wicket as Australia were all out for 196 with seven balls remaining, Hussey unbeaten on 62.

England were warm favourites at the break between innings, but within 10 overs their reply was in tatters with the score 33-5.

Marcus Trescothick and Michael Vaughan had played idiotic shots, while the other three batsmen were removed by great deliveries on a pitch which was still offering plenty for the seamers.

Agnew's verdict: Lee beamer "disgraceful"

McGrath struck first, removing his regular bunny Trescothick, who gave second slip catching practice.

Strauss was then bowled by a full-length Lee delivery which swung and beat him for pace and then Vaughan foolishly bottom-edged a pull off McGrath onto his stumps.

England fans then had the potential fireworks of a Pietersen and Flintoff partnership, but they had bought a dud set - both men edging balls that seamed away a fraction to give Gilchrist easy catches.

At this point, Jones and Collingwood simply had to bat out time.

Vaughan's dismissal was one of the most inexcusable

And as they did so, Andrew Symonds got through 10 overs costing just 23 runs.

But eventually, once the run rate began rising to six an over, the shots came out - Jones hitting a six and a four off Gillespie and adding a huge six off the spinner Brad Hogg.

The match condensed into a thrilling conclusion until, with Ricky Ponting forced to turn to the occasional bowling of Hussey, Collingwood was run out for 53 with 48 needed from 39 balls.

Jones immediately hit two more boundaries before being ajudged lbw as he missed with a sweep against Hogg and then the innings ran out of steam when Jones was bowled by Hussey for 71.

But Giles and Gough put bat to ball often enough to keep England in with a sniff of victory.

And they almost got there before McGrath's run out of Gough from a direct hit off his own bowling, forced the final ball drama.

England: M E Trescothick, A J Strauss, M P Vaughan (capt), K P Pietersen, P D Collingwood, A Flintoff, , G O Jones (wk), A F Giles, D Gough, S J Harmison, S P Jones.

Australia: A C Gilchrist (wk), M L Hayden, R T Ponting (capt), D R Martyn, A Symonds, M E K Hussey, M J Clarke, G B Hogg, J N Gillespie, B Lee, G D McGrath.