In an incredibly tight contest, Australia and Ukraine traded the lead throughout and the Emerging Boomers had a couple of chances in the dying seconds to force overtime but they came up just short.
Despite trailing for a majority of time in the first half, Australia's deficit never exceeded six points and they were able to put together a mini-run just prior to half-time with free-throws for Jack White (13 points, eight rebounds) earning them a two-point edge.
That gave them some momentum heading into the second half and they pushed ahead to grab their biggest lead of six points.
Will Magnay played a crucial role in keeping Australia in the contest and he went on to finish the game with 20 points, 16 rebounds (including seven offensive) and three assists.
The third quarter was a mirror of the first half though with Ukraine this time ensuring they were making enough baskets to keep it close and the lead switched hands four times during the period.
However, the deadlock was broken by a 12-0 run for Ukraine to open the fourth quarter though and it was that three-minute burst that ultimately doomed the Emerging Boomers while they were also out-scored by 24 from beyond the arc as a team.
Dejan Vasiljevic (17 points) led a fightback, scoring ten points in the final five minutes while Tanner Krebs (seven points) and Isaac White (seven points) knocked down big three-pointers.
That helped Australia finish on an 11-6 run but ultimately, their streak just came up short in a memorable clash.
Find the stats here.
The Emerging Boomers will now face a re-match against Israel in the bronze medal game after they suffered a similar heartbreaking loss to the USA by two points in the other Semi-Final.
Australia will be wary of Israel after they fell to them in the opening game of the tournament by 28 points but the Emerging Boomers' form has significantly improved since that outing.
Watch the Semi-Final at 1.30am AEST on Friday via the Olympic Channel.
The Emerging Opals and Emerging Boomers Schedule for the 2019 World Uni Games (all times AEST):
July 3: Emerging Opals def. Finland 68-51
July 5: Emerging Opals def. Canada 85-51
July 5: Emerging Boomers def. by Israel 64-92
July 5: Emerging Opals def. China 90-84
July 5: Emerging Boomers def. Mexico 105-62
July 7: Emerging Boomers def. Czech Republic 88-59
July 8: Quarter-Final- Emerging Opals def. Chinese Taipei 81-72
July 9: Quarter-Final- Emerging Boomers def. Argentina 73-64
July 9: Semi-Final- Emerging Opals def. by Portugal 56-49
July 10: Semi-Final- Emerging Boomers def. by Ukraine 80-82
July 11: Gold Medal Game- Emerging Opals vs. USA at 4am
July 12: Bronze Medal Game- Emerging Boomers vs. Israel at 1.30am