Argentina, looking to win their first FIBA World Cup since the inaugural edition in 1950, will contest the final on Sunday against a Spain side that needed double overtime to progress from the last four. 

Spain advanced to the title game with a pulsating 95-88 victory over Australia, erasing a double-digit deficit in regulation to hand the stunned Boomers their first loss of the tournament.

Marc Gasol fuelled Spain's win in the first World Cup elimination game to go to double overtime by scoring 33 points with six rebounds and four assists. Ricky Rubio added 19 points, 12 assists and seven rebounds as Spain outlasted a Patty Mills-inspired Australia.

Mills poured in 32 points and Nic Kay came off the bench to score 16 points and grab 11 rebounds for the Boomers.

Gasol, who won an NBA title with the Toronto Raptors in June, has a chance become only the second person to add a World Cup crown to an NBA championship in the same year.

Lamar Odom did the double in 2010 with United States and the Los Angeles Lakers. After the Lakers bested the Boston Celtics in seven games that year, Odom stood atop the podium three months later in Istanbul with his USA team-mates hoisting the Naismith Trophy.

"I just cherish every moment for what it is. I don't try to double up. I want to give the maximum for every occasion. It is two completely different situations. I'm going to give my best to win a World Cup for Spain," Gasol told FIBA basketball.

Argentina, having stunned Serbia in the quarter-finals, continued their incredible run in China with an 80-66 victory against France in Friday's other semi-final, with seemingly ageless Luis Scola, 39, and Facundo Campazzo leading the way. Argentina last played in the final in 2002, coming up short against Yugoslavia.

"They were just the better team tonight," France's Rudy Gobert said. "From the first to the last minute, they were more aggressive and played more as a team... It was complete domination."

Spain have a chance to join the United States, Yugoslavia, the Soviet Union and Brazil as only the fifth country to win multiple FIBA World Cup trophies.

Australia beat the United States for the first time in history in Melbourne on Saturday and Patty Mills hopes the Boomers can build something special from the landmark achievement.

Team USA won the first exhibition 102-86 at Marvel Stadium on Thursday, but the hosts responded with a 98-94 victory in front of 52,079 fans two days later.

Australia came from 10 points down in the second half, with San Antonio Spurs guard Mills scoring 30 – including the last 10 for the Boomers – to see out a historic triumph.

"It's a building block for us. We've been taking it step by step and understanding that this is process. But it's good to get everyone back and get everyone on the floor," said Mills in an on-court interview.

"This is just one step towards our progress and ultimate goal of creating history and winning a medal, so we're locked in on that focus for sure.

"The support has been amazing. We've been through a lot of adversity as a team, as a programme.

"We're very proud to represent these colours and represent them the right way and we're doing it as a team, as a group, as best mates."

Kemba Walker scored 22 points off the bench for Gregg Popovich's USA side, while Harrison Barnes had 20 points and six rebounds in 26 minutes.

Team USA conclude their tour in Sydney on Sunday when they face Canada, who will meet Australia in their FIBA World Cup opener in China on September 1.

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