A game of fantastic entertainment, and six tries, ebbed and flowed until neither side was able to emerge as the winner.
With the next meeting between the two sides at the Millennium Stadium coming in a year's time in the 2007 Rugby World Cup this result left everyone guessing as to which nation has the upper hand.
Wales hardly saw the ball for the opening 20 minutes as the Wallabies got off to a flying start to lead 17-6 at the end of the opening quarter. At that stage they were enjoying 64% possession and 84% territory.
Experimental scrum half Matt Giteau kicked the Aussies into a third minute lead with the first of his 14 point match tally, but new Wales skipper Stephen Jones was quick to replay after 10 minutes.
Then came the first of the visitors' four tries as Mat Rogers handed left wing Cameron Shepherd the first of his two touchdowns. Seven minutes later, after Gavin Henson had stroked home a 44 metre penalty, Giteau duped the Welsh defence into thinking the Australians were going to take a shot at goal and instead he tapped and went for the right corner.
Tom Shanklin was oblivious to Giteau's daring raid and the Aussie No.9 slipped under Gavin Henson to score a try, which he also converted.
If Giteau had been able to convert a penalty chance three minutes later, rather than hit the upright, it might have been curtains for Wales, but the chance went begging and Wales hit back.
Despite losing their captain with a knee strain after 23 minutes, Wales worked their way back into contention with a wonder try by left wing Shane Williams. Some great handling down the Welsh back division, with Henson putting Shanklin into space before Kevin Morgan scissored with Williams to allow the Ospreys wing to reach the line, created a try which replacement outside half James Hook converted off the touchline.
Hook then kicked a penalty before half-time to take Wales back to within a point of the double world champions.
The third quarter was a reverse of the first as Wales piled on the pressure through their forwards and finally took the lead. Hook's second penalty after 50 minutes put the home side ahead for the first time and then Shane Williams conjured up an attack which led to Martyn Williams grabbing the second home try.
After gathering the ball on half-way, Shane Williams kicked deep into the Wallaby 22 and gave chase. He was taken out, but Morgan carried on. When he was thwarted, up popped Martyn Williams to dive on the ball and slide over the line for a try which Hook improved. Now Wales were in the driving seat and had a nine point lead with 21 minutes to play.
Yet the Wallabies kept on attacking and, having moved Giteau to centre to bring on specialist scrum half Josh Valentine, they conjured up two more tries to regain the lead.
It was a Giteau break which paved the way for co-centre Lote Tuqiri to almost reach the line on the hour. The ball was recycled and Shepherd got his second try, again converted by Giteau.
Then the Invesco Perpetual Man of the Match Chris Latham ran back a loose kick and beat six defenders in a 40 metre touchline dash for the try which put Australia ahead 29-26 with 12 minutes to go.
Wales finally got their chance to level matters when Hook was presented with a 30 metre penalty four minutes from time. The youngster hit the mark and honours were even.
Wales: tries: S Williams, M Williams; Cons; J Hook 2; pens: J Hook 2, S Jones, G Henson
Australia: Tries: C Shepherd 2, M Giteau, C Latham; Cons: M Giteau 3; Pen: M Giteau