Irish flyhalf Sam Prendergast slotted the winning conversion to break the deadlock with three minutes remaining after replacement forward Thomas Clarkson forced his way over to break Australian hearts on Saturday night.
In one last twist, after the lead had changed seven times in the 10-try thriller at Allianz Stadium, Ben Donaldson had the chance to snatch victory for the Wallabies, but pushed a penalty goal attempt wide from more than 40 metres out.
In a vastly improved showing after enduring a depressing winless four-Test spring tour of Europe last November, the Wallabies played with aggression and enterprise to threaten to snap a five-match losing streak against the world's third-ranked team.Â
Vindicating his return after a 1316-day Test exile, electric fullback Jock Campbell was among the stars for Australia, while debutants Ryan Lonergan and Josh Canham also each scored one of the Wallabies' five tries.
Alas, the visitors had the final say, ultimately condemning Joe Schmidt's side to five consecutive defeats.
The sorry run is the first time the Wallabies have lost that many Tests in a row since the dark days of Eddie Jones' second coming as national coach in 2023.
In a rollicking start to the high-octane encounter, Campbell put winger Dylan Pietsch over for the opening try in just the third minute before doing it all himself for Australia's second.
Cian Prendergast and Josh van der Flier kept Ireland in range with responding tries, with Canham the unfortunate defender on both occasions charged with the impossible talk of stopping the storming flankers from close range.
Canham hit back to restore Australia's lead with a determined pick-and-drive try, before a supporting Lonergan backed up to prosper from an intercept and 35-metre burst from superstar winger Max Jorgensen.
The Wallabies rued conceding a try to British and Irish Lions general Jamison Gibson-Park after the halftime siren, when the Irish pluckily worked their way down field from a scrum 80m out from Australia's line.
Another Irish try quickly after the resumption, when fullback Hugo Keenan had Jorgensen and Joseph-Aukuso Suaalii grasping at thin air, must have had scarred Wallabies fans wondering if this was to be another second-half fadeout.
But a moment of inspiration from livewire half Tate McDermott, on after a knock to the throat forced Lonergan off, turned the tide back Australia's way.
McDermott took a quick tap and beat six Irish defenders to somehow scramble his way over and put the Wallabies back in front, 31-26.
The game's flashpoint came near the hour mark when Ireland celebrated regaining the lead through a try to skipper and captain Dan Sheehan.
In seemingly unprecedented scenes, the Wallabies were back on halfway ready to kick off after Harry Wilson's animated protesting about an obstruction seemed to have fallen on deaf ears.
But after several minutes of deliberating, the TMO eventually overturned the try after ruling Irish lock James Ryan had taken out Wallabies flanker Rob Valetini in the lead-up.
Alas, Ireland had the last laugh to also retain the Lansdowne Trophy, leaving the Wallabies to settle for a consolation bonus point to start the new-look competition.
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