Defending women's champions the USA fought back well in the final quarter of their semi clash, scoring nine consecutive points, but their comeback fell just short.
The Australians took control of the match with a 10-0 run in the third period, holding their rivals without a basket for more than nine minutes until Desi Miller converted with 53 seconds left.
But after trailing 38-28 heading into the fourth period, the USA enjoyed a purple patch with Rebecca Murray scoring six of her game-high 18 points.
Australia were held scoreless for more than seven minutes until Clare Nott broke the drought - and it proved to be the decisive score.
With 27 seconds left, the USA moved within a single point and, to add to the drama, Australia's Amber Merritt then missed two free throws.
It gave the USA a final opportunity, but Hollermann could not capitalise.
Germany, silver medallists in 2008, saw off the Netherlands 49-46 in another exciting last-four clash.
The eventual winners scored the first 10 points against the Dutch but it was never going to be an easy game and they found themselves trailing 29-24 at half-time, the Netherlands recovery led by Mariska Beijer and Inge Huitzing.
Germany edged narrowly ahead 47-44 inside the final two minutes, but missed chances to put it away completely as Marina Mohnen twice went to the line and twice split her free throws.
That gave the Dutch one last chance to tie it and force overtime, but Carolina de Rooij-Versloot's three-point attempt bounced off the rim on the buzzer.
In the men's competition, Great Britain's grit and determination were no match for the sheer brilliance of Canada's Patrick Anderson as he led the North Americans into the final.
Anderson, the world's outstanding player, had 17 points, 11 assists and nine rebounds as Canada won 69-52.
The result gives the Canadians a shot at a third gold in four Paralympic Games as they move on to face defending champions Australia on Saturday in a rematch of the Beijing 2008 final.
The Australians moved through to the medal decider themselves courtesy of a 72-63 victory over the USA.
Justin Eveson had 21 points and 10 rebounds and Brad Ness was also inspirational as the Australians rallied to take the honours after the USA had initially forced the early running to race into an early lead.