Spain have come back to break Australian hearts as the Boomers were defeated 95-88 in the second period of overtime in the first semifinal of the FIBA Basketball World Cup in China.

Australia held the lead throughout the match with Spain coming back hard late in the game to force overtime, and eventually prevailing in a result which had Australians fuming.

Australian NBA star Andrew Bogut labelled the loss a "f***ing disgrace" after walking through the mixed zone after the loss - words which are send to land him with a fine.

He yelled: "Google where headquarters of f***ing FIBA is... f***ing disgrace."

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(The headquarters are in Switzerland.)

One of the big calls to go against the Boomers was a foul with eight seconds remaining on Bogut against Marc Gasol.

Gasol hit the ensuing free throws to give Spain the 71-70 lead.

Bogut then made the international signal for getting paid, showing his disgust with the call.

AAP reported Bogut will likely face an investigation and possible fine ahead of Sunday's bronze medal game against France, who were upset 80-66 by Argentina in the other semifinal.

Australian assistant Luc Longley provided his own frustrated comments post-game.

"We've got to find an altar somewhere and burn a sacrifice to the basketball gods, 'cause they're not kissing us on the d*** yet, like they do Spain," he said.

"I feel like Spain are kissed on the d*** by the basketball gods every time we play them.

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"It's gut-wrenching for the guys; they've been so f***ing good, so consistent and played so hard and I felt like they deserved to win that and it doesn't feel like that's the right result."

He added: "They're furious, crushed...it's very quiet in there and it stings in lots of ways, not least of which is that's the team we lost to in Rio. It's not the time to start pointing fingers and spitting dummies, we've got to reload."

Asked about the decision in the press conference, coach Andrej Lemanis said "as you know, I'm not allowed to comment on that".

Joe Ingles, left, and Patty Mills of Australia react after their double overtime loss in their semifinal against Spain. Photo / AP
Joe Ingles, left, and Patty Mills of Australia react after their double overtime loss in their semifinal against Spain. Photo / AP

It was a heartbreaking result — Australia led by as much as 11 points throughout the third period but veteran and multiple time NBA All Star Gasol sparked a huge comeback.

After just four points in the first half, he scored 29 points for the rest of the match.

He was just pipped Australia's Patty Mills who had 34 for the game-high.

After finishing the regulation time at 71-all, the sides traded three-point bombs through Gasol and Mills as the teams still could not be separated at 78-all with time running out in the extra five minutes.

But with 16.3 seconds left, Australia were handed a fresh 14 seconds to build their offence.

A foul sent Patty Mills to the free throw line and he nailed both to hand the Boomers an 80-78 lead.

Two free throws for Gasol locked it up at 80-all and Australia's Matthew Dellavedova had a final flying shot for the win but it rimmed out, sending the game to second period of overtime.

Spain were guarding Mills tightly and Australia had few answers.

Spain hit two threes to open up an eight-point lead with two minutes left in the match and held the Boomers at bay.

Aron Baynes and Mills were both able to hit three pointers but Spain maintained the lead and closed out the match.

Post-match, Perth Wildcats star Nick Kay, who scored 16 points with 11 rebounds, including seven offensive rebounds, said the Boomers "left it all on the court".

Coach Lemanis said while Australia had every opportunity to win the game, it was a "hell of a game".

Spain, the highest ranked team left in the competition after Team USA lost to France in the quarters, knocked Australia out in the 2016 Rio Olympics in controversial circumstances and the Boomers were out for revenge.

Australia have finished fourth at the Olympics four times, most recently falling by one-point to the Spaniards in 2016 when a dubious foul went against them at the death.

The latest loss has added another chapter to the story of heartbreak for Australia.