Although it was little consolation to the Wallabies after missing out on Sunday's final, they did show some occasional glimpses of the form that saw them win this year's Tri-Nations title by adopting a more adventurous style to ensure they would be seeded third for the next World Cup in 2015.
Australia inside centre Berrick Barnes finished off a brilliantly executed try early in the match that suggested the Wallabies might run away with the result but they struggled to maintain their composure after losing playmaker Quade Cooper and defence-splitting fullback Kurtley Beale to injury.
Barnes and wing James O'Connor kept the scoreboard ticking along with their accurate kicking under pressure but it was not until number eight Ben McCalman crashed over six minutes from the end that the victory was secured.
"We knew Wales would make us work," Australia captain James Horwill said.
"We got off to a good start but they made us work defence... but it was a good effort by the boys.
"Losing Quade and Kurtley wasn't ideal but the boys adapted really well."
Wales scored two second half tries, the first by wing Shane Williams then the second by fullback Leigh Halfpenny after time had run out, but they were only consolations in a match that no team ever really wants to play in.
"(I am) proud with how we finished but we just came up short again," Welsh captain Gethin Jenkins said.
"To get to the semi-finals was obviously a great achievement for this group of players. To come fourth is not as good as third, but it is a lot better than we have managed in previous World Cups."
Unlike when the teams met in the playoff at the inaugural World Cup 24 years ago, the Australians at least this time showed a willingness to embrace a match that the International Rugby Board has re-branded as the Bronze Final as part of their successful push to have Sevens rugby included in the Olympics.
In 1987, the Australians made no secret of their disdain of contesting a playoff after losing to France in the semi-finals, when they picked a weakened team and then left the Maori wood carving they were awarded in the dressing room.
Signalling their intent to attack, the Australians opted to run the ball from deep inside their own territory and showed glimpses of their attacking capability with some razzle-dazzle rugby.
Twice they spurned early kicks at goals in the hope of picking up a quick try and they were rewarded when Barnes strolled across untouched in the 10th minutes after running on to a perfectly delayed pass from Cooper.
Wales, whose hopes of making their first final ended in agonizing fashion when they were beaten 9-8 by France in the semi-finals after playing most of the match with a man down, began nervously but grew in confidence when the Australians lost Beale to a hamstring problem then Cooper to a knee injury.
Wales opened their account when flyhalf James Hook booted a penalty after 15 minutes and the scores remained unchanged at 7-3 for another 34 minutes as both sides missed kickable goals and wasted scoring opportunities with sloppy handling.
Wales went ahead for the only time, nine minutes into the second half, after Williams scored in the left corner after a clever grubber kick from scrumhalf Mike Phillips.
Hook then sent a long floating pass to Williams, which television replays suggested went forward but was waved on by the referee, with the winger kicking through and touching down to score.
Australia restored their lead with the first of two penalties from O'Connor then surged eight points clear when Barnes calmly landed a drop goal.
Wales kept within striking distance when Stephen Jones landed a penalty to cut the score to 16-11 before the Australians put the matter beyond doubt.
Adam Ashley-Cooper should have scored but dropped the ball on the line after being stripped by George North although it did not matter as McCalman scored shortly after before Wales replied with their own touchdown in the final play of the match.
