Wales were beaten 43-7 by Australia in the semi-finals of the IRB under-21 World Cup, while in the other semi there was a huge shock as hosts South Africa knocked out favourites New Zealand by 19-18.
The results mean that Wales will again meet New Zealand, having lost to them only last week, in a third-place match.
For 62 minutes Wales were ravaged by Australian flanker Jone Tawake, a certain future senior cap, who scored one of his side's five tries and created three others.
Wales were 23-0 down at the interval and conceded a further try before hitting back with a good try by UWIC wing Nick Jones that Cardiff fly half Nicky Robinson converted.
However, Australia scored two more tries to wrap up a convincing victory.
A special video package as Pontypridd claimed the double for the first time in their history by winning the Principality Premiership final, including match build-up, highlights, post match reaction and dressing room celebrations.