Smith secured his first major trophy after posting an eight-under-par score of 64 with no bogeys and five consecutive birdies from the 10^th hole to win on 20-under-par overall.

He becomes the first Australian to lift the Claret Jug on the historic Old Course since Greg Norman in 1993. 

"To have the 150th Open here at St Andrews and to walk away with the win is something I've dreamt of," Smith said.

"It's unreal to look at the names on this trophy and then see mine.

"I am definitely going to find out how many beers can fit in this jug, for sure."

Northern Ireland's Rory McIlroy, who led overnight by four shots alongside Norwegian Viktor Hovland, finished third with a two-under-par total of 70 to finish third.

Hovland tied for fourth place with England's Tommy Fleetwood on 74.

McIlory missed seven birdie putts of fewer than 20 feet including a crucial shot on the 17^th hole he needed to give him a chance of catching Smith.

Despite this, it was Smith's brilliance that took his elusive fifth major away from him.

The 28-year-old is the only player in the last 20 years to birdie the first five holes of the back nine in the final round of a major.

His final round is also the lowest ever shot by a winner of the Open while his 20-under tournament score is one strike better than Tiger Woods' record set in 2000.

McIlroy said he was simply "beaten by the better player this week."

"To shoot 64 to win an Open Championship at St Andrews is one hell of a showing, so hats off to Cam, he's had an unbelievable week," McIlroy said.

Smith took home $2.5 million (£2.1 million/€2.4 million) from a record-breaking $14 million prize pool (£11.8 million/€13.8 million).

It marks a 22 per cent increase on last year's total which saw the winner, Colin Morikawa of the US, receive $2.07 million (£1.7 million/€2.05 million).