The Boomers may have done themselves proud with a gallant performance against USA at the Olympics, but the last thing the team wants is a pat on the back.

"You don't get sh*t for small victories or moral victories," said Andrew Bogut after the game, which Australia lost 98-88.

"We're not coming out of this like 'this was an awesome game'. We lost."

Yet it was hard not to be impressed with one of the most polished performances produced by an Australian men's team at Olympic level.

"We beat a heck of team tonight," US coach Mike Krzyzewski said.

"They just played, I think, 'lights out' basketball."

In what was comfortably the most anticipated men's basketball match of the tournament so far, Australia rose to the occasion.

It was their NBA talent who led the way, with Patty Mills scoring a team-high 30 points, while Bogut contributed 15 points and three blocks, and Matthew Dellavedova chimed in with 11 points and 11 assists.

The Boomers' ball movement and manic defence frustrated the Americans, and by half-time they had claimed an improbable five-point lead.

Matthew Dellavedova (R) sends USA guard Paul George flailing into the stands. ( AFP: Andrej Isakovic )

USA were much better organised defensively in the second half and crept ahead, but the deciding factor in the end was Carmelo Anthony.

The New York Knicks superstar scored a game-high 31 points, including nine three-pointers — four of them coming in the last quarter.

"He [Carmelo] takes a lot of pride in being able to shoot the ball and that's what killed us tonight, him knowing where to be on the floor and catching it and shooting it with a lot of confidence," Mills said.

Shutting down Anthony is one thing, but the Australian camp said there was still plenty of room for improvement should they meet the Americans again later in the tournament.

"Offensive rebounds, they did a great job of getting on the board. We turned the ball over at certain times when we needed to score … and they punish you," Bogut said.

One thing the Boomers do have working for them is self-belief.

It was evident in David Andersen trusting his turnaround jump shot, in a rejuvenated Bogut hitting the scoreboard with his unique left-hand hooks, and Mills pulling the trigger on his pull-up threes.

Joe Ingles said the team had long believed it can match it with the best in the world.

"We did before the tournament, we did as soon as we go together for the first camp. Everyone else … didn't believe it but they're probably starting to now," he said.

Australia's next opponent will be China, before a final pool match against Venezuela.