Ireland put up a brave fight against Australia but fell 49 runs short after a spirited run chase against the reigning Under-19 Cricket World Cup champions at the M.A. Aziz Stadium in Chittagong on Sunday.

Australia can no longer retain the Super League title but they are focused on picking up the Plate Championship trophy to compensate for their earlier disappointing exit from the main event.

Ireland have been one of the success stories of the tournament – winning three matches and falling only six runs short of a shock victory against the West Indies. Despite defeat today they will leave Bangladesh with their reputation enhanced.

Most sides would have crumbled when faced with a daunting Australia target of 340 but Ireland took a very positive approach.

Openers William Porterfield and Gary Wilson put on 75 for the first wicket with Wilson slapping 48 from 36 balls before his dismissal.

Porterfield was joined by Eoin Morgan and they reached 100 in only 15 overs. Australia slowed Ireland's progress after Porterfield was out for 48 and Morgan was caught on 65 but the lower-order kept the run-rate at around six and over to propel the Irish to a very respectable 291 for 9 in 50 overs.

Earlier Australia had plundered Ireland's bowlers to amass 340 for 5 in their 50 overs with Tim Paine, Moises Henriques and Adam Crosthwaite all falling less than 10 runs short of half-centuries and Theo Doropoulos and Matthew Harrison top-scoring with 83 and 91 respectively.

Ireland coach Adrian Birrell was pleased with the spirit shown by his side.

"I am very satisfied with our performances," said Birrell.

"We did our best to chase the target and started off on course to come close but we lost our way in the middle order.

"We hoped to beat at least one Full Member country in the tournament but it wasn't to be and it has been a good experience for our players."

Australia coach Bennett King praised Ireland for their batting.

"Ireland played well to reach almost 300 but our bowling wasn't good enough," said King.

"I think we will play Bangladesh in the final and I expect that to be a competitive game."

Australia will now play the winner of Monday's second semi-final between Scotland and Bangladesh. The Plate Championship final will be held at the Fatullah District Stadium on March 4.