The team of Shayna Jack, Bronte Campbell, Emma McKeon and Cate Campbell went 0.60 seconds under Australia's previous world record set at the 2016 Rio Olympics.
Titmuss had been tipped to become the first woman to win the 200-400-800 freestyle treble at the same Commonwealth Games since fellow Australian Karen Moras did it in 1970.
That broke the mark of 3:30.65 the team clocked at the Rio de Janeiro Olympics in 2016, when the Campbell sisters and McKeon were part of the team.
England's James Guy, who pushed the Aussies all the way, finished third.
The home quartet crossed almost six seconds ahead of their English challengers, striking a blow in the battle dubbed by "the Ashes on wheels" by local media, a reference to the two nations' fierce cricket rivalry.
Australia's first medal of the games went to rising triathlon star Jake Birtwhistle, who claimed silver on Thursday afternoon. "When we set the world record (at Rio) it was a really quick time and we weren't expecting to get near it tonight".
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Thomas Hamer also won the men's S14 200m freestyle in world record time, while compatriot Eleanor Robinson won the women's S7 50m butterfly in the para-swimming events to ensure England finished the day top of the table. "I left no stone unturned to get out here and race for Australia in the 100m hurdles and the 4x100m relay", Pearson said.
"That didn't happen so much in Rio". "I knew that this time it could have been me if I just swam the race a little bit better".
Wilby's storming final few meters gave him the title ahead of Scotland's defending champion Ross Murdoch and Australia's Matt Wilson, while Willmott ended the reign of Hannah Miley in the 400m medley. "I would have preferred it to be a full-distance race on a super-hard course", Alistair said, lamenting the decision to race over sprint distance, or half an Olympic course.
The Kiwis made the gold medal race after qualifying as the second fastest team.
The Gold Coast is staging the 21st edition of the Commonwealth Games, but cycling and shooting events are being held in refurbished Brisbane venues that were initially built for the 1982 Games.