A well-taken goal by Australia's Ruben Zadkovich was cancelled out by Serbia's Slobodan Rajkovic as the Olyroos opened their Beijing Games campaign with a 1-1 draw in their Group A match tonight.
Zadkovic slotted home in the 69th minute as a previously tentative game came to life in front of an almost capacity crowd at the 56,000-seat Shanghai Stadium.
The first Australians in Olympic action, a day before the opening ceremony, had their joy tempered by Rajkovic's header nine minutes later.
The Olyroos spent time the morning of the match with the Australian Olympic team's master motivator Laurie Lawrence, whose address was designed to relax the players rather than pump them up.
The Olyroos started with poise, if lacking flair.
Just as the Serbs started to look the stronger side around the half-hour mark, Aleksandar Kolarov sent in an awful corner kick that sailed over the goal and out of bounds.
But the Europeans generally had the better passing game and their physically imposing defence was solid.
Olyroos captain Mark Milligan sent a scare through the Australian camp when he was stretchered off clutching his left leg after Dusan Tadic caught him flush with his boot in a keen challenge.
But the skipper was straight back on the field and into action shortly before the Serbs had a great chance.
Zoran Tosic was unlucky as his booming shot on goal hit the bottom of the crossbar.
Australia were denied just moments later by a sharp save from Serbian goalkeeper Vladimir Stojkovic after Matthew Spiranovic had side-stepped a defender twice to take his chance.
Amid a flurry of action shortly before two minutes of first-half added time, Olyroos custodian Adam Federici made a superb save to keep out Tosic.
Spiranovic earned a yellow card for a foul on Tosic and, when Zadkovich crossed to Nikita Rukavytsya, the Ukrainian-born striker's shot on goal lacked pace and was easily stopped by Stojkovic.
Milligan was replaced by Billy Celeski in the 66th minute and, two minutes later, Ljubomir Fejsa shot wide for the Serbians.
Then Carney crossed and, as Rukavytsya was caught up in traffic trying to reach the ball, Zadkovich barrelled in and hit the target with a sharp right-footed close-range shot.
Federici then brilliantly saved a Kolarov penalty to protect the Olyroos' lead.
Celeski could have put Australia 2-0 up five minutes later but hit the post.
Rajkovic then headed home off an Aleksandar Zivkovic cross to restore parity.
Federici made another good save in injury time to keep the Australians' point safe.
Australia 1 (Ruben Zadkovich 69) Serbia 1 (Slobodan Rajkovic 78) in their Olympic Games Group A match at Shanghai Stadium.
