The final encounter remained goalless at the end of regulation period and required the shootout to settle the issue.
Only Harmanpreet Singh was able to score for India while SK Uthappa, SV Sunil and Surender Kumar all shot wide off the target in the shootout.
Just four attempts were required from the two teams as Australia had gained a winning 3-1 lead.
Aran Zalewski, Daniel Beale and Simon Orchard scored for Australia, while Trent Mitton's try was blocked by goalkeeper P.R. Sreejesh.
Since the review was still under process, the officials removed the trophies from the ground as the fans also left the stadium.