It was superb finish by man-of-the-match Perera, who slammed a smashing six to guide his team to thrilling victory, as the visitors needed six runs to win in last two balls, but Perera held his nerves as hammered an impressive six to finish the match in great style. He added, "We are hoping to see a good last match on Friday". With this swashbuckling six, Perera collected unbeaten 47 runs off 19 balls hitting towering 5 sixes.
Azam added 122 for the second wicket with Ahmed Shehzad (39) as Pakistan built on the loss of opener Fakhar Zaman for eight.
A late middle-order stumble meant Pakistan were in danger of settling for a well below-par score before Malik took charge.
Malik, playing in his 88th T20 worldwide, became Pakistan's highest scorer in the format and surpassed Umar Akmal's total of 1,690 runs before he holed out off the last ball.
Malik in particular was in stupendous form, smacking three sixes in a quickfire innings of 39 runs off just 23 deliveries.
The Aussie never really recovered from that point and was taken apart by Malik in the death overs.
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Cutting ultimately finished with figures of 1-52 off his four overs to cap-off a bad day in the office.
The pacer's blushes were saved by Paul Collingwood who pulled off a sharp catch in the deep off the final delivery in the innings.
Another Aussie to end up in the wrong column, Paine has not had the best of times with the bat and wicket-keeping gloves in the Independence Cup so far.
Earlier on Wednesday, valuable contributions from Babar Azam, Ahmed Shehzad and veteran Shoaib steered Pakistan to a healthy-looking 174-6.
BOWLING: Imad Wasim 4-0-27-1; Sohail Khan 4-0-44-1 (1w); Usman Khan Shinwari 1-0-10-0; Rumman Raees Khan 3.5-0-36-0 (1w); Mohammad Nawaz 3-0-25-1; Shadab Khan 4-0-32-0.
Still needing 33 runs off the last two overs, Perera and Amla took 20 off Sohail's 19th over that saw Shoaib Malik dropping the Sri Lankan left-hander's easy catch at long off.
One six in his 12-ball innings was the only saving grace for Paine.