Sixes rained onto the stands, and it did not help when Ponting, on 16, was dropped by Jon Lewis off Andrew Flintoff's bowling.
"I know it's not the same as a match situation but it certainly won't be a question of hiding myself in the field. I am able to field wherever I want."
Finally, Panesar bowled Gilchrist off the inside edge and had Michael Hussey stumped.
The touring side may call up batsman Ed Joyce, seamer Jon Lewis and spinner Jamie Dalrymple, none of whom played in the Ashes series.
Ponting was caught at fine leg off Paul Collingwood, Lewis making amends for his earlier miss, and Michael Clarke was run out cheaply.
And wicket-keeper Paul Nixon, a star for Leicestershire in domestic Twenty20, is in line for an England debut aged 36.
However, after a short lull, Cameron White joined in the fun with Symonds and added a massive crescendo of sixes at the death.
"It was one of the best Christmas presents I've ever had," he said.
England even had time to drop another catch in the final over, Kevin Pietersen shelling White at mid-wicket.
"It is all you have ever trained for, all you have ever worked for, to play international cricket, to represent your country."
You still have that element of pride but it doesn't have that complete sense of seriousness about it Andrew Symonds
Australia fast bowlers Brett Lee and Mitchell Johnson have been ruled out of Tuesday's match.
Lee has a chest infection and Johnson a stomach injury.
They were replaced in the squad by fast bowler Shane Harwood and all-rounder James Hopes.
"The assessment of both players will continue over the next few days to determine whether they will be fit for the first triangular series match against England in Melbourne on Friday," said team physiotherapist Alex Kountouris.
Australia are already resting seamers Glenn McGrath and Stuart Clark and are likely to give a debut to 23-year-old Ben Hilfenhaus.
The home side are approaching the match in relaxed fashion - they will wear nicknames on the backs of their shirts as in domestic Twenty20 cricket.
And all-rounder Andrew Symonds said neither side should be too worried by the result.
"You still have that element of pride but it doesn't have that complete sense of seriousness about it," said Symonds.
"They're probably in a different place to us - we're pretty high on life and they're very disappointed.
"But a game like this is a bit of fun and you don't want to be stringing yourself up with your bootlaces if they were to get flogged again."
Australia squad (nicknames in brackets): R Ponting (capt; PUNTER), A Gilchrist (CHURCH), M Hayden (HAYDOS), M Hussey (HUSS), M Clarke (CLARKEY), A Symonds (ROY), C White (BEAR), B Hogg (GEORGE), N Bracken (ANDY G), B Hilfenhaus (HILFY), S Harwood, J Hopes.
England squad: M Vaughan (capt), J Anderson, I Bell, P Collingwood, J Dalrymple, A Flintoff, E Joyce, J Lewis, S Mahmood, P Nixon, M Panesar, K Pietersen, L Plunkett, C Read, A Strauss, C Tremlett.