Australia is eyeing off women's water polo gold at next year's Beijing Olympics after losing a thriller to the United States in the final of the FINA world championships in Melbourne.

The USA won a gruelling battle of defences 6-5, with neither side leading by more than a goal at any stage.

Australia tried vainly to pierce the swarming US defence in the final 40 seconds, with American goalkeeper Elizabeth Armstrong capping a superb game with two late saves.

Australia then gave up the ball with a foul deep in attack with six seconds left, allowing the US to soak up the remaining seconds and ensure victory.

It was a deserved win, with the US either in front or scores level throughout the second half.

It continued a tradition of close results in major matches between the two nations.

Australia beat the US 4-3 in the final of the Sydney Olympics in 2000 to claim gold, while the US won 6-5 in the bronze medal decider at the Athens Olympics in 2004.

Australian coach Greg McFadden said his side, which came into the tournament ranked No.1 in the world, had fewer experienced players than the Americans, which probably made a difference.

Australia has no players left from the side that won gold in Sydney, while the US has several veterans of that campaign still playing.

"We kind of maybe didn't take the right options at certain times," he said.

"But ... we're very pleased with where we got to and to go down by one goal to the Americans, who have been in the top three teams in the world for the last seven years, it was a fantastic performance."

He said Australia was confident of going one better in Beijing.

"Beijing's always been our goal, I feel we can still get better, we've still got a lot of improvement to go," he said.

"We were probably the hunted team coming into this tournament, now everybody's chasing the American team - we'll hunt them down, bring on Beijing."

Only one goal was scored by each side in the first half, with the US gaining an important edge by outscoring Australia 4-3 in the third quarter.

US captain Brenda Villa scored two powerful goals in that period, while Australian captain Mel Rippon kept the home side in the hunt with a brilliant long-range lobbed goal.

Australia levelled the scores through the experienced Nikita Cuffe midway through the final quarter, but American Lauren Wenger scored her third goal and the last of the game with one minute and 25 seconds left.

A tearful Rippon said the loss was hard to take, but a silver medal was still an honour.

"It does hurt, it hurts a lot, but at the same time we're proud, second in the world, it's still pretty exciting," she said.

In earlier matches, Russia beat Hungary 9-8 to claim bronze.

Italy beat Canada 7-3 to come fifth and Spain defeated Greece 11-9 to finish seventh.

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