On a night of high drama between the world's top two ranked teams at the Oi Hockey Stadium, Australia drew 1-1 with Belgium before losing a nerve-wracking shootout 3-2.

Florent Van Aubel gave the Belgians a 32nd-minute lead but Tom Wickham equalised early in the final quarter before the shootout fireworks gave the European powerhouse its first ever Olympic title.

Australia was chasing just its second Olympic gold medal after the ground-breaking victory of 2004, Ockenden having played in every match since, finishing third in Beijing and London and sixth in Rio.

An Olympic title is all that eluded the 34-year-old multiple World Cup, World League, Champions Trophy and Commonwealth Games winner who extended his national appearance record to 380 in the final.

Speaking just before the final, Ockenden, who co-captains the Kookaburras with West Australian midfielder Aran Zalewski, said it remained "super exciting" to represent his country at an Olympics.

"This has been a very different experience coming into these Games, so I feel like we are experiencing it for the first time together," he said.

"Ever since last year when the Olympics were postponed we've been fuelled by the hope that they were only postponed, not cancelled.

"We put high expectations on ourselves that we want to play our best."

Beltz said the Kookaburras have relished the opportunity of prolonged international competition having been restricted to occasional matches with New Zealand since COVID hit.

"We've been really focused on the process before each match, and have spent a lot of time working on our structures," he said.

"This is the first time in a while we have been able to test those against some of the European competition.

"We knew the (semi-final) match against Germany would be tough, so to get through it and have the opportunity to play for gold is exciting.

"The match itself was very closely fought as you'd expect. Defensively both teams weren't willing to give anything away, which made it really tight."

Initially one of 11 players to be left off the Kookaburras' 16-player team for Tokyo, the 26-year-old DiamondBacks defender was then called up as a reserve before a COVID-enforced International Olympic Committee rule change saw him adopted into the main squad.

Making a goal-scoring Olympic debut in Australia's second fixture against India, Beltz made his 50th international appearance in the 1-1 draw with Spain.

"I don't think it has really sunk in yet. We were so driven as a group to go deep in this tournament. In the weeks afterwards I'm sure it will hit me.

"Seeing the support from the Tasmanian and wider Australian hockey community, has been humbling."

Tasmanian Stewart McSweyn is into the final of the 1500 metres at the Tokyo Olympics.

The 26-year-old King Islander, who comfortably progressed after finishing third in the first round (in 3:36.39) had to work harder in a semi-final which saw the Olympic record broken by Kenyan winner Abel Kipsang.

Having led for much of the race, McSweyn finished fifth in a time of 3:32.54 which was enough to qualify.

The final is on Saturday at 9.40pm.

The member of Nic Bideau's Melbourne Track Club, who set an Oceania record of 3:29.51 in Monaco a month ago, is a veteran of global competition having contested multiple track and field and cross-country world championships, a World University Games and Commonwealth Games.

McSweyn also achieved the qualification standard for 5000m and 10,000m - the distances he contested at the 2018 Commonwealth Games - but opted to focus purely on the 1500m.

Jake Birtwhistle said he left Tokyo a disappointed man after backing up his 16th place in the individual triathlon with ninth in the mixed team relay.

Having narrowly missed selection to Rio in 2016, the 26-year-old said his results were not what he had hoped for at a long-awaited maiden Olympics.

"Disappointing result for Australia in the mixed team relay," Birtwhistle said on Instagram.

"I did all I could as the anchor leg and managed to have a pretty solid performance as one of the quicker splits of the day.

"Not how I wanted to be leaving Tokyo but motivated to get some good results in the races coming up.

"Thanks to everyone who has helped me get here, and continues to support me through the rest of this journey."

Birtwhistle flew to the United States from Tokyo and has been training in Cary, North Carolina.