Ponting won the toss and elected to bat in extremely hot conditions and his decision was vindicated as Australia capitalised on New Zealand fielding errors to post the highest ever score in a one-day international at the ground.
The previous best was the West Indies' 309-6 in 1985.
Hayden made the most of some extraordinary good luck to make 117 -- his first one-day international hundred in 23 months -- and Ponting's 111 was typically assured.
The pair added 200 for the second wicket, also a record for the venue.
Their eyes firmly on Tuesday's crucial game against England, the Black Caps rested opening bowlers Shane Bond and James Franklin at the venue where they would have been most suited, but again did not help themselves with some shoddy fielding.
Hayden was dropped three times in making his sixth one-day international century, before finally being bowled by Daniel Vettori as he attempted another hefty swipe.
Vettori had dropped a sitter off Hayden from the second ball the left-hander faced and before he had scored.
And when Hayden was on just four, Ross Taylor horribly misjudged a skied pull shot at mid-on and muffed the catch.
The left-hander was also dropped on 79, when substitute fielder Hamish Marshall could not hang on to a chance at mid-on.
With his place at the upcoming World Cup in the balance after his previous indifferent form, Hayden made the most of his good fortune, reaching his century from 104 balls, with 11 fours.
Ponting, on the other hand, did not give a chance in notching his 21st one-day international century in 113 balls, with seven fours and one six.
He finally fell in the 45th over, caught on the boundary as he chased quick runs.
New Zealand captain Stephen Fleming tried seven bowlers with little impact.
Vettori was the only New Zealand bowler spared in the onslaught, with 1-34 from 10 overs.
Jacob Oram went for 50 from five overs, Mark Gillespie returned 1-76 from 10 overs and Jeetan Patel finished with 1-67 from his 10 overs.
The Australians put on 101 in the last 10 overs as they hit a string of sixes to cruise past the record.
Andrew Symonds made 24 from just 13 balls, with two sixes, while local favourite Mike Hussey again finished not out in making 29 from 16 balls.
Hussey cleared the fence three times in his brief stay.