Australia manager Tony Gustavsson has stepped down “by mutual agreement” after his women’s team were eliminated at the group stage in a disappointing Olympic Games football campaign.

The Matildas finished third in Group B after defeats to the United States and Germany.

Their sole win was a chaotic 6-5 victory against Zambia, who had led 5-2 early in the second half.

It was not enough to send Australia through as they ended with a worse goal difference than the third-place finishers in the other groups, Colombia and Brazil, who both progressed to the quarter-finals.

Gustavsson has departed as a result, less than a year after guiding Australia to their best finish at a Women’s World Cup. Australia finished fourth at the 2023 World Cup, which they co-hosted with New Zealand.

“It has been a great honour and privilege to have been able to be the head coach of the Matildas over the past four years,” Gustavsson said in a statement on Football Australia’s website.

“This journey with the team has had many incredible moments and memories that I will forever treasure.

“Thank you to the incredible players for letting me play a small part in their stories, my staff for being beside me every step of the way, Football Australia for backing our vision for this team, the Australian football family for embracing me and the Australian public for the tremendous support.

“Australian football will be forever in my heart, and I will be watching on and cheering on your success in the future.”

Australia lost 3-0 to Germany on July 25 and went down 2-1 to the United States on Wednesday, with both defeats coming in Marseille.

Football Australia said it was mutually agreed that 50-year-old Gustavsson would leave, with the Swede having reached the end of his four-year contract.