Caitlin Foord scored as Australia went down 4-3 to the USA in the Bronze medal match on Thursday.
Steph Catley also started the game as Lydia Williams was on the bench for Tony Gustavsson's side.
USA took the lead inside eight minutes when Megan Rapinoe floated in a corner that went all the way through looping over Australian keeper Teagan Micah's head and into the far corner of the net.
USA were so close to doubling their lead minutes later when Crystal Dunn delivered a low cross to Christen Press who's effort was superbly saved by the Australian goalkeeper.
However on 17 minutes the Matildas drew level when Foord picked up the loose ball before sending a perfectly timed pass into Sam Kerr who slotted into the net beyond USA keeper Adrianna Franch who should have done better.
Kerr could have doubled her goal tally moments later as she met a ball into the box before clipping a header towards goal but the keeper was down well to grab the loose ball.
On 21 minutes USA regained the lead when Alanna Kennedy scuffed her clearance across the box for Rapinoe and she fired in first time on the volley into the top corner of the net.
Catley who went into the game off the back of already creating 13 goal scoring chances created another opportunity for the Aussies on 35 minutes when she played a pass into Tameka Yallop who cut inside before fizzing her effort wide of goal.
On the stroke of half-time USA made it 3-1 when Lindsey Horan robbed possession from Kyah Simon in midfield before providing a wonderful pass for Carli Lloyd who made no mistake with her finish hitting it low across Micah in goal.
Australia started the second half brightly and wanted a penalty when Kerr fizzed in a shot that hit Julie Ertz however following a VAR check no penalty was given.
USA then went down the other end to net their fourth goal when Kennedy headed the ball wayward allowing Lloyd to get in on goal and she had all the time in the world just to roll the ball onto the net beyond the advancing Micah in the Matildas goal.
However Australia didn't let their heads drop and just three minutes later reduced the scoreline when Foord netted her first goal of the Olympics when Simon whipped in a fine ball for the Arsenal attacker who flicked her effort into bottom corner.
Lloyd was in desperate search of a hat-trick and she nearly got it in the 81st minute when she was played in on goal skipping past Kennedy before fluffing her shot wide of the target.
Australia did pull another goal back with just minutes to go as Emily Gielnik let fly from range before the ball zipped into the net beyond the despairing dive of Franch.
Despite ending the game well Australia couldn't find an equaliser as USA held on to win the Bronze medal.
Australia: Micah, Polkinghorne (Gielnik 73), Kennedy, Catley, Raso (Nevin 67),van Egmond, Logarzo (Cooney Cross 67), Yallop (Brock 88), Simon (Fowler 67), Kerr, Foord.
Unused subs: Williams, Luik.
USA: Franch, O'Hara, Sauerbrunn, Davidson, Dunn, Mewis (Lavelle 61),Ertz,Horan, Press (Sonnett 85),Lloyd (Morgan 81), Rapinoe (Heath 61).
Unused subs: Mewis, Dahlkemper, Campbell.
Referee: Laura Fortunato
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