|Glasgow 2014 Commonwealth Games|
|Dates: 23 July - 3 August. Coverage: Live on BBC TV, HD, BBC Radio 5 live, Red Button, Connected TVs, online, tablets and mobiles|
Wales Rugby Sevens coach Gareth Williams said his players were distraught after Australia ended their Commonwealth Games medal hopes.
Pama Fou's last-gasp try under the posts, converted by Cameron Clark, secured a 21-19 quarter-finals win.
"It's heart-breaking... we always knew we had a chance, so it's disappointing we couldn't see it through and make a semi-final," Williams said.
"The boys are heads down at the moment after what they put in on the pitch."
Wales had led 19-0 at Ibrox, with tries from Will Harries, Liam Williams and Luke Morgan, but Australia scored just before half-time through Ed Jenkins.
Sean McMahon added a second try for Australia before Fou's late effort consigned Wales to the Plate competition.
"The boys were superb [against Australia], they put an intensity on and a level of execution that was superb," Williams said.
"We probably didn't have enough ball in the second half but I still think we did enough there to win that game
"We created a chance at the end there that we should have taken and that would have been game over."
Wales reached the final of the plate but lost 15-17 against England, again going down to an injury time try.
Australia, coached by Welshman Geraint John, lost 19-7 against New Zealand in the semi-finals but beat Samoa to win bronze.