The commentators were eyeing England to clinch 500 as they only needed 50 in four overs to reach the score. Australia skipper Tim Paine admitted England had been "red hot" with the bat, while Morgan felt it was close to a "complete performance" - and on those statistics, few could argue.
Hales showed tremendous power but also nice placement and shot selection. England beat their own record (59) - jointly held along with Sri Lanka - which they achieved against Pakistan at the same venue in 2016.
Australia were bowled out for 239 as England claimed their biggest ODI victory margin.
It seemed inevitable England would reach 500 but Hales and Morgan went in successive balls late on as Richardson got some belated reward and the run rate finally dropped.
England bowling deparment was superb and bowled out Australia for 239 in just 37 overs.
Australian captain Tim Paine has won the toss and elected to field against England in their must-win third ODI at Trent Bridge.
"I've got massive respect for England and the way they are playing their cricket", said Langer.More news: Mbappe leads France into Round of 16
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The foundation of England's total was high-class centuries from Jonny Bairstow and Alex Hales and the quickest half-century in their ODI history from Eoin Morgan.
At the point when Roy was run out for 82 it conveyed Hales to the wrinkle and he set about the Australian assault with relish, striking 16 fours and five sixes of every a sizzling thump.
BC-CRI-England-Australia, 6th Ld-Writethru, 470England extends record ODI total in 242-run win vs AustraliaAP Photo LON505, LON503, LON828, TH808, LON829, LON830, TH806, TH807, TH806, LLT811, TH809Eds: Adds more photo links. "They are the measuring stick of 50-over cricket at the present time".
AJ Tye went wicketless for 100 runs from nine overs with Jhye Richardson the pick of the bowlers with unflattering figures of 3-92.
Fast bowler Billy Stanlake, fit again after missing Australia's defeat in Cardiff, was also punished for failing to bowl a full length, on his way to none for 74 in eight overs.