Captain Dean Couzins called Spain's win over Netherlands today disappointing, but admitted the Black Sticks had already blown their chance.
"It would've been great if we had were still playing for a final position, but that was out of our control," he said. "It's a shame, but it was ours to control when we played the Spanish and we didn't take that opportunity."
Shane McLeod's side will be searching for their best ever finish at a Champions Trophy, and their first major medal since famously taking gold at the 1976 Montreal Olympics. In their way is the world's fourth ranked Netherlands, the same opposition against whom New Zealand staged a dramatic comeback from three goals down to claim a draw and qualify for the medal round.
"The guys are really determined to play well, " Couzins said. "A medal ceremony at the end of it is a little bit more special, but there's been a real determination in the team throughout the week. You don't get an opportunity to play in front of your home crowd in a major tournament very often.
"Tomorrow's a real test of our consistency. I really believe that we are good enough to beat the Dutch if we play well, but that's the test - can we step up and perform."
The defending champions and world number one Australians, chasing a record fourth straight Champions Trophy, will play fourth-ranked Spain in tomorrow evening's final.
Despite their fate being sealed before the match, the Black Sticks put on a strong showing in front of more than 3000 fans, a performance which would have inspired confidence the team can upset the Dutch.
New Zealand had to begin the match defending resolutely against an at times relentless Australian attack, but that rearguard was breached in the 15th minute.
Australian striker Des Abbott found himself on the byline and slid a teasing ball across the face of Kyle Pontifex's goal, which was turned in by New Zealand defender Matt L'Huillier.
The hosts hit back with 10 minutes remaining in the half, as defender Andy Hayward capitalised on the game's first penalty corner, sending his drag-flick past Australian 'keeper Andrew Charter and into the bottom left corner for his third goal of the tournament.
With 15 minutes left, New Zealand earned back-to-back penalty corners but both were well-saved by Charter, and they were immediately made to pay for their profligacy. The Kookaburras swept down the field, with Edward Ockenden crossing through a crowd of bodies and Australian striker Glenn Simpson diverting the ball home to re-take the lead.
The goal came against the run of play but it proved enough, as Australia withstood a late Black Sticks barrage to claim the victory.
Australia 2 (Des Abbott, Glenn Simpson) New Zealand 1 (Andy Hayward). HT: 1-1.