Australia missed the chance of a gold medal play-off against the United States after being outclassed by Serbia in their men’s basketball semi-final at the Olympic Games on Saturday (AEST).

The Boomers can still win a medal – for the first time ever – but will be flat after Serbia recorded a comfortable 87-61 victory in Rio de Janeiro.

Australia’s shooting was to blame, with a particularly poor first half, in which the Boomers scored 14 points, setting them an impossible task.

Andrej Lemanis’ shot at just 33 per cent from the field, compared to Serbia’s 53, and it proved the difference as Milos Teodosic (22 points, five assists) starred for the victors.

Patty Mills (13 points) and Matthew Dellavedova (3 points) did not have their usual impact for the Boomers, while Andrew Bogut added just four points and one rebound.

The Boomers will now play Spain in a third place play-off at 12.30am on Monday (AEST), while Serbia will attempt to surprise the Dream Team and win gold.

Serbia celebrate their win. Photo: Getty

“They [Serbia] have completely and utterly annihilated the Australian team,” basketball legend Andrew Gaze said on the Seven Network.

“There is no other way to describe it. It is a shame.

“Australia is a lot better than this [but] this is sport. You have these days sometimes.

“The ball doesn’t drop, things don’t work out and you’re up against an opponent who is ruthless, methodical and extremely talented.”

A disappointed Gaze added that history was still on the line for Australia, though, against Spain.

“We have a chance to win a bronze medal,” he said.

Joe Ingles drives to the hoop. Photo: Getty

“It is not the time for recriminations and I hope that, as disappointed as the Australian public are, that they find a way to stay positive and not start pointing the finger.

“It is about trying to secure a medal and that goal is still going to be alive after this result.”

The writing was on the wall early for the Boomers, with Serbia jumping to an 8-0 lead.

Even a three-pointer from Mills couldn’t ignite them as the winners led 16-5 at the first change.

Australia’s shooting – particularly from three-point territory, where they scored just four of 31 attempts – continued to let them down in the second quarter as Serbia and Teodosic flexed their muscle.

Teodosic was outstanding for Serbia. Photo: Getty

Serbia held a 35-14 advantage at the main break and, largely due to Australia’s need to take the game on, it opened up in the second half.

That suited Serbia just fine, though, as Stefan Markovic (14 points, five rebounds) and Nikola Jokic (nine points, 11 rebounds) continued to dominate as they extended their advantage to 28 points at three quarter time.

Brock Motum scored nine of his 13 points in the final term but the sting of the game had gone by then, leaving Australia just one day to lick their wounds before trying to make history.