England hammered Australia by eight wickets at Edgbaston in Birmingham, finishing 226-2.
England's top men Joe Root and Eoin Morgan put the game to bed, scoring 49 and 45 runs respectively.
New Zealand await England on Sunday at Lords, after the Black Caps beat India in dramatic fashion on Wednesday afternoon.
Player of the match Chris Woakes told Sky Sports: "I'm pretty speechless, actually - it was an incredible performance from the whole team.
"There were obviously some nerves around this morning but that's natural - the way we produced the goods shows how good we are and where we're at as a team at the minute."
He added: "To beat Australia on the best ground in the world is incredible, and I'm looking forward to the game on Sunday".
Speaking to Sky Sports, Eoin Morgan said: "I am delighted.
"I'd like to thank the fans who have come out - we have had unbelievable support here and at home. We set the tone from ball one and when we got on top we made Australia pay."
Australia captain Aaron Finch admitted his side were "totally outplayed".
"There are still some positives, we have come a long way, although you want to win the tournament. I am really proud how the group has progressed but it still hurts," he said.
England dismissed Australia in 49 overs, with only Steve Smith putting up any real resistance, scoring 85 from 119 balls.
Australia struggled early on in the match, and at one point were just 14-3 against the hosts, after a destructive opening spell by bowlers Jofra Archer and Chris Woakes.
England's Jason Roy was controversially dismissed for 85, after being caught behind, despite replays showing he did not hit the ball.
However, the hosts had no reviews remaining, meaning Roy had to leave the pitch.