Man-of-the-match Faulkner smashed five sixes and three boundaries in a 57-run partnership with Clint McKay in the final five overs to lead Australia to its victory target of 301 with just three balls to spare.
After Alastair Cook won the toss and elected England to bat, Eoin Morgan scored a dashing century and Ian Bell had 68 in a very competitive 300—8.
Australia made a disastrous start in reply when Aaron Finch was caught one-handed by Gary Ballance off Chris Jordan (2—53). Jordan soon struck again when he caught-and-bowled David Warner for 18.
Earlier, Eoin Morgan smashed a dashing century to lead England to a competitive 300-8.
Morgan hit four fours and six sixes in his knock of 106 before he was caught by Michael Clarke off James Faulkner (2—71).
Ian Bell made 68 to steady the innings after the early loss of Alastair Cook (22) and Joe Root (2) before being run out by Clarke.
Morgan earned an early reprieve while on 1 when he lofted a Clarke ball to deep mid-wicket for a simple catch but it was deemed not out because Australia had set too many fielders outside the inner circle.
Cook had another disappointing day after winning the toss and electing to bat first on a dry and flat Gabba wicket. The England captain again went cheaply, caught and bowled by Glenn Maxwell (2—31).
Joe Root fell shortly after, trapped lbw off Ashes hero Mitchell Johnson.
Gary Ballance made just 9 before being caught out of his crease by wicketkeeper Brad Haddin off Maxwell, leaving England looking vulnerable on 73—3.
Bell then set about restoring the innings with a solid knock that included five boundaries.
Ravi Bopara made 24 before being caught by George Bailey off Faulkner.
Jos Buttler made 49, with his score revised upward by a post-innings review which found a shot that had seemed to be knocked back into play by Shaun Marsh was actually a boundary.
Ben Stokes was caught for a duck by Maxwell off Coulter—Nine and Morgan was finally dismissed in the final over.
