This gold medal marks the country's second podium finish at the championship
Bahrain stunned Australia 1-0 away on Thursday thanks to an 89th-minute Harry Souttar own goal in a major upset to start the third round of Asian qualifying for the 2026 World Cup.
With the hosts down to 10 men, the match was headed for a scoreless draw on the Gold Coast until the defender Souttar deflected a shot from Abdulla Al-Khalasi into his own net.
It was Bahrain's first victory against Australia, who are ranked 56 places higher.
The Socceroos struggled for fluency against their defensively well-organised opponents and their hopes nosedived after a red card in the 77th minute to striker Kusini Yengi for a high kick to the neck of defender Sayed Baqer.
"It's a learning curve for the players. It wasn't our night," Australia coach Graham Arnold said.
The top two from each of the three Asian groups will be guaranteed a place at the expanded 48-team World Cup in the United States, Canada and Mexico.
Japan, Saudi Arabia, China and Indonesia are in Group C alongside Australia and Bahrain.
Australia play Indonesia in Jakarta on Tuesday.
"It's all about the reaction now because Indonesia will be tough... (playing in front of) 90,000 people in Jakarta," added Arnold, who took Australia to the knockout rounds of the 2022 World Cup.
The Socceroos were hot favourites having won all six previous matches against Bahrain, including a 2-0 friendly win earlier this year.
Australia romped through the second qualifying round with maximum points and without conceding a goal.
They scored 22 goals in that phase, playing with flair and an aggressive style that Arnold wanted replicated against Bahrain.
Australia started with purpose and their first foray resulted in a long-range shot from Alessandro Circati that was tipped over the bar by goalkeeper Ebrahim Lutfalla.
But Bahrain held their own, effectively utilising the right wing to mount dangerous counterattacks.
The game moved into a lull late in the first half before Craig Goodwin threatened with several piercing crosses into the box, only to be left frustrated by errant finishing.
Bahrain continued to defend after the interval as Arnold turned to 18-year-old substitute Nestory Irankunda, who recently joined Bayern Munich.
Irankunda provided some energetic bursts, but failed to spark a game that became mired in stoppages as tempers flared.
Yengi's sending off rattled Australia, who were left stunned by the late winner as Bahrain celebrated a famous victory.
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