Against the run of play, Australia opened the scoring with two quick-fire goals to Ashleigh Nelson and Jade Close, and at the 14-minute mark they added a third to Georgia Nanscawen to stun the home side.
The Black Sticks had numerous chances to grab a goal back before the break but couldn't connect with that final pass, leaving the Hockeyroos 3-0 up at halftime.
The home side finally snatched one back 14 minutes into the second spell when Katie Glynn converted a penalty corner with a strong drag flick to the bottom right corner.
The goal sparked the Black Sticks into action and they had it all over the Australians but couldn't find the back of the net despite three further penalty corners and endless near misses.
Sharland wrapped up the team's frustration.
"We got a lot of opportunities but we just didn't finish them clinically enough."
In yesterday's third and fourth play-off, 13th-ranked India upset the USA 1-0 following their much-improved effort to draw with the Black Sticks yesterday.