Germany now sit second in Group F, below Canada but still above Australia and Zimbabwe. Saskia Bartusiak's side can qualify for the next round of the tournament with a draw or win against Canada on Tuesday.
Germany 2-2 Australia
(Däbritz 45+1', Bartusiak 88' - Kerr 6', Foord 45')
Germany remain on track to reach the quarter finals of the Olympic tournament after a late goal salvaged a point against Australia with a 2-2 draw.
Despite winning their opening game by no less than 6-1 against Zimbabwe on Wednesday, Saskia Bartusiak's side came up against an entirely different calibre of opponent in Sao Paulo on Saturday evening.
Indeed, it was the Socceroos who had the initiative for much of the match. They drew first blood just six minutes in to the game through forward Samantha Kerr, before Caitlin Foord tapped in a second on the stroke of half time after some trickery from Lisa De Vanna.
Fortunately for the Germans, a quick response was on hand after a direct punt up the pitch found the on-running Sara Däbritz unmarked and running through on goal with seconds remaining of the half. After composing herself, the Bayern Munich player then knocked the ball past the rushing goalkeeper with the most delicate of shots off the outside of her boot. A goal that Lionel Messi would have been proud of.
The second half offered an array of chances for both sides but it wasn't until the remaining minutes of the match that Germany were finally allowed to pull themselves back level. With a free-kick on the left side of the Australian half, Germany swung the ball to the back post where captain Saskia Bartusiak stood tall to tap it over the line.
Australia now go in to the final matchday of Group F knowing they have to beat Zimbabwe by a considerable margin and hope Canada beat Germany if they stand any chance of progressing to the next round.
United States hold out for important win over France
United States 1-0 France
Elsewhere in the women's game, reigning champiosn the United States continued their perfect start after beating contenders France 1-0 on Saturday to pick up their 13th straight win in Olympic matches.
A solitary goal from Carli Lloyd proved enough for the United States as they held on to pick up an important win against the No.3 ranked side in the world.
Lloyd, the reigning World Player of the Year, has now scored two in two games at this summer's games and eight in total, keeping her top of the goalscoring charts of current Olympians.
The win now means the World Cup holders go top of Group G and put themselves in a strong position to continue their push for a fourth straight gold medal in the sport.