Australia's coach Tony Gustavsson leaves by mutual consent after Olympics exit

Australia were aiming for their first Olympic podium after reaching the semi-finals at the Tokyo Games and last year's World Cup on home soil.

However, their second group stage defeat on Wednesday, a 2-1 loss to the United States, saw them crash out early in the tournament where the top two teams in each of the three groups advanced, along with the two best third-placed sides.

The Matildas finished third in Group B but failed to reach the quarter-finals, earning three points but trailing the other third-placed teams Brazil and Colombia on goal difference.

"This outcome is undoubtedly disappointing for the team, the fans, and the entire Australian football community. The team’s objective was to improve on the previous fourth place finish at Tokyo 2020," Football Australia said in a statement.

"Head Coach Tony Gustavsson's four-year contract has also come to an end by mutual agreement. Gustavsson addressed the players and staff following the final group stage match against the United States to farewell them and wish them every success with their futures."

After a 3-0 drubbing by Germany in their opener, the only bright spot for the team at the Paris Games was a gutsy 6-5 comeback win over Zambia last week when Steph Catley scored twice.

"This journey has had many incredible moments and memories that I will forever treasure," said Gustavsson, who was appointed in 2020.

"Thank you to the incredible players for letting me play a small part in their stories ... Australian football will be forever in my heart, and I will be watching on and cheering on your success in the future."