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The finalists turned on a great spectacle of match racing in Elliott 6m boat with the start and finish almost directly in front of the Squadron clubhouse. Members were given a great spectacle of match racing: aggressive starts, protests and penalties and classic luffing and gybing matches.

On the water, the eminent yachtsman Sir James Hardy watched with pride an event that has produced many champion match racing sailors over the past decade.

The spectators saw the Hardy Cup 2012 virtually decided in the final 50 metres of heat four of the final, sailed in a 12-15 knot but shifty easterly breeze.

With the two teams one-all, Gilmour came from astern in race three, picking a gust that carried him to an eight second win and a 2-1 lead.

The final looked likely to go to a fifth race when the Kiwi team rolled the Australians as they sailed downwind under spinnakers, but Gilmour quickly gybed away towards the other end of the finish line, crossing just five seconds to clinch the final.

"I guess it was some revenge for being beaten by Josh in the Warren Jones International Youth Regatta in Perth last week," said Gilmour, son of former America's Cup helmsman and world match racing champion.

"In Perth, we finished at the top of the round-robin scoreboard and lost the final; in Sydney, Josh won the round-robin but we won the final and Cup," Gilmour added, and moments later was tossed into Sydney Harbour by his elated crew.

Paying tribute to Gilmour and his crew at the end of the regatta, Junior said, "He was a little bit quicker and slicker." Sailing with Junior were Matt Stevens and James Sandall.

Gilmour said that by today's racing he and his crew had got a real feel for sailing the Elliott 6s and this was clearly shown by their tacking and gybing skills in the semi-finals and the finals.