Instead it was Belgium who won their first gold medal, the European side holding their nerve with the match on the line.

The defat left the Australians disconsolate on the field, Albion Park's Blake Govers in tears after missing a crucial shot in the shootout.

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The Kookaburras will finish the tournament with silver, Wollongong's Flynn Ogilvie joining Govers on the podium.

Hockey experts predicted this clash to be an epic encounter, the gold-medal match pitting the world No.1 against the world No.2.

The two teams did not disappoint, the clash a tense, entertaining and draining affair.

Sixty minutes wasn't enough to separate the sides, the scores locked at 1-1 at the end of regulation.

Belgium's goal came in the 32nd minute, while Australia levelled the scores courtesy of Tom Wickham in the 47th minute.

The Kookaburras fought hard to break the deadlock in regulation, however they were unable to find a second goal.

Instead, the clash went to penalties, Belgium goalkeeper Vincent Vanasch the hero with three stops as his side prevailed 3-2.

Australian veteran Eddie Ockenden, who won bronze in 2008 and 2012 and was so desperate for gold, said the loss was tough to take.

"It was a tough match," Ockenden said. "It was a close game but I thought we had the running at the end and couldn't quite get there.

"Shoot-outs are tough. I prefer extra time. We couldn't get it done in the shootout."

The Belgian's burst out of the gates, looking to make an immediate impact on the scoreboard inside the opening few minutes.

Australia survived before momentum eventually swung their way and the side had a period of sustained attack.

This time it was Belgium who set up the defensive wall to maintain a clean sheet.

With the scores locked at nil-all, both side would have been pleased with where they sat after 15 minutes.

Belgium dominated the second quarter, the world champions generating multiple attacking opportunities.

Colin Batch's side absorbed it all until the 25th minute of the match, Belgium earning the first penalty corner of the contest.

The shot hit an Australian foot, leading to a second chance from the spot, this time the ball travelling wide as the Kookaburras breathed a sigh of relief.

Australia had a handful of chances to break the deadlock late in the half, however the attack lacked the potency of the Belgians and they were shut down almost immediately.

A late cry for a penalty corner was also denied, the two sides heading to the sheds level in a scoreless affair.

It's a result Australia would have been pleased with given their opponent's dominance on the stat sheet.

The task now was to come out after the break and take charge of the match.

That did not eventuate, Belgium breaking through less than two minutes into the third quarter.

The goal triggered a spark in the Kookaburras, the side now needing to throw everything at their opponents to find the equaliser.

Finally Australia started to look threatening in attack and that pressure eventually led to a penalty corner.

With Govers off the field, Jeremy Hayward stepped up and delivered a brilliant drag flick, only to be denied by a desperate save.

The clock eventually ticked down to zero, Australia left with just 15 minutes to level the scores and keep their goal-medal dream alive.

All they needed was two, Ogilvie controlling the ball in the circle before a deflection saw the ball loom high in front of goal, Wickham getting up high to tap the ball into the back of the net.

From there, the Kookaburras took charge of the match as they pushed for the match-winner.

Australia had multiple chances to break the tie, however this time it was Belgium who held firm and sent the match to a penalty shootout.

The side's inability to break through proved costly, as they fell short in a dramatic finale.

Australia were on the back foot early after Govers missed the first attempt and despite getting back on level footing, they were unable to hit the front.

There was late drama as the Belgian's thought they had the match wrapped up, only for the video referee to intervene and hand the Kookaburras a re-take for goalkeeper interference.

That attempt was also denied, Australia forced to settle for silver as Belgium celebrated a historic gold.