With the game ticking towards full time and GB leading 2-1 after Ellen White’s double had turned the game around following Alanna Kennedy’s 35th-minute opener for the Matildas, Chelsea striker Sam Kerr levelled the scoreline after latching onto Kennedy’s ball into the box and having time and space to beat Ellie Roebuck.
WIth the game in extra time, Great Britain were awarded a soft penalty for a foul on Nikita Parris by Ellie Carpenter but Teagan Micah guessed correctly and denied Weir from the spot.
Almost immediately, Australia countered and 18-year-old Mary Fowler fired them in front after her long-distance effort took a wicked deflection off Lucy Bronze and beat Roebuck.
Kerr then scored her second and the Matildas’ fourth minutes after the extra-time interval, crashing a header in off the underside of the crossbar from Tameka Yallop’s cross from the left.
Hege Riise took off Bronze and threw on Georgia Stanway in a bid to rescue the game and White completed her hat-trick with five minutes remaining, glancing a header past Micah from close range after Fran Kirby sent the ball back into the box after a poorly-cleared corner.
GB continued to search for an equaliser but although they threw everything at the Australians, the Matildas held on to win a remarkable game of football 4-3.
Captain Kerr has now scored 47 goals for Australia in fewer than 100 appearances and she was ultimately the difference in this match.
Tony Gustavsson's side will now face Japan or Sweden in Monday’s semi-finals.