The Football Ferns will now look to secure third place at the Algarve Cup after falling to a 3-0 loss against Italy in the semi-finals in Portugal this morning (NZT).
Tom Sermanni's side went into the clash aiming to create history as they had never made the final of this tournament before and were also chasing back-to-back victories over non-Oceania opposition for the first time in seven years.
But Italy, who made the quarter-finals of last year's FIFA Women's World Cup, were just as determined to progress and their superior execution in the final third made the difference as goals from Cristiana Girelli, Barbara Bonansea and Stefania Tarenzi gave them a well-deserved win.
New Zealand went into the match slightly lower in numbers than for the first-up victory over Belgium with Sarah Gregorius having retired with immediate effect and Claudia Bunge also unavailable due to suspension.
Stephanie Skilton came into the starting line-up in place of Bunge and, with the Tokyo Olympics looming large on the horizon, Sermanni took the opportunity to shuffle his pack further as goalkeeper Anna Leat, Annalie Longo and Rosie White all also entered the fray.