They dispatched Japan in the first round ride in the morning, riding to schedule in 4min 37.222s, to earn a place in the gold medal ride.
Overnight the UCI had ratified the July world record set by Italy of 4:33.463, to nullify the world mark of the Kiwi team of 4:35.155 set in yesterday's qualifying.
The track conditions were ideal for the final against Australia, who had edged out Russia in the other semifinal. The team zoomed home in 4:31.966 to add a world record to their rainbow jerseys.
"The conditions were fast tonight. We were confident we could go out and ride well. With six laps to go I thought we had a chance to go under the 4:33 world record, and they brought it home with a big last three laps. It was an outstanding effort," Machjefski said.
Park said the gold medal had not sunk in.
"It is pretty surreal feeling to come to my first world championships and my first race and coming out a world champion," Park said.
"It was an awesome ride from start to finish. Everyone did exactly to plan. It's an added bonus to come out with a world record as well."
Park said it was important to re-focus on the individual pursuit tomorrow.
"Perhaps after that the rainbow jersey and the world record might sink it more."
It was doubly rewarding for Botha and White who won bronze medals in the team pursuit at the world championships in Korea last year.
Stewart, 18, was made to work hard just to qualify for the scratch race final, after a seven-strong group put a lap on the field in the qualifying race.
"The work he did just to qualify this morning put a bit of a target on his back. Tonight he worked so hard and chased down a few breaks and was a deserved winner," said Machjefski.
Stewart was well positioned for the sprint finish but was knocked off line by the Italian rider who was later disqualified and the Kiwi promoted to the gold medal spot.
The young Palmerston North rider was delighted with his result.
"It is pretty unreal. There was awesome support from everyone. Everything went to plan. I had to do a bit of work to do tonight but it went well.
"This is a step up and hopefully it will raise me a level looking ahead to the omnium starting tomorrow."
Machjefski is confident more results will follow.
"After two gold medals we have some awesome confidence. The vibe in the team is pretty exciting and now a lot of riders go into their individual events. They may be a little tired but so will everyone else."