Retiring captain Naomi Castle was proud of the Australian women's water polo team despite their 6-5 defeat by the United States in the Olympic bronze medal match.

The two nations met in the gold medal match at the 2000 Games in Sydney, where Australia snatched a last-gasp victory.

But there was to be no magical finish for the defending champions despite a bold second half effort against the Americans, who led 4-0 at half time.

Australia hit back in the second half, led by Belinda Brooks with two goals, and the scores were level at 5-5 with just minutes to play.

The Americans' winning goal three minutes from time was scored by sharpshooter Ellen Estes, who ended with a hat-trick.

Sydney Olympian Castle praised her team's gutsy performance after entering the tournament ranked No.7 team in the world.

"There was a lot of fight in this team all tournament," she said.

"I am really proud of the way the team has played and the way we have performed and the lead-up over the past 12 months.

"We kept fighting and believing and three months ago to finish in the top four was something only we dreamed about and nobody thought was possible."

Australian coach Istvan Gorgenyi was back on the pool deck after a heart scare following Australia's semi-final loss to hosts Greece on Tuesday night.

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