The game followed a similar pattern all night after Canada started with a 9-4 run with the Crocs always able to reel in the deficit and keep it close before Canada would move back out to a comfortable margin.
Australia countered the initial run through a Luke Travers dunk and a three-pointer from Wani Swaka Lo Buluk (12 points, three assists) but Canada finished the term on an 8-2 run to reassert their authority.
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Tamuri Wigness got the Crocs going in the second period, scoring two baskets in transition and Australia's defensive pressured stepped up a notch to go on a 7-0 run while holding their opponents scoreless for almost five minutes.
Jay Rantall then drilled a timely three-pointer but Canada still maintained a two-point edge at half-time.
Dominating the boards all tournament, the trio of Travers (a game-high 20 points), Kobe Williamson (ten points, eight rebounds) and Luke Jackson began to exert their influence out of the main break.
Their ability to pull down offensive rebound after offensive rebound enabled Wigness (nine points, four assists, four steals) to have free reign in attacking the rim as he knew his team mates would be there to clean up the mess if he missed and the Crocs looked to be on a roll midway through the third.
However, Canada again produced an impressive response and when they re-found their transition game, they pushed the margin back out to five at three-quarter time.
The game followed the same pattern in the fourth as a couple of baskets from Jackson (12 points, 20 rebounds), a forced back-court violation and a Travers dunk saw Australia tie things up with five minutes remaining.
The Crocs could not keep that momentum going though and Canada answered with six in a row and then a tip-in with 30 seconds to go, just their third offensive rebound of the game, sealed the thrilling 74-70 win.
Find the box score here.
Struggling from the field for most of the game, Australia only hit 33% from the field and managed just 3-20 from beyond the arc but they gave themselves every chance with a +9 differential in rebounds and 13 more offensive boards, led by a brilliant performance from Jackson.
They will now return to the court tomorrow to play out the classification games with two more matches still to come in their tournament to decide the final standings between fifth-eighth.