Australia led 24-22 in the closing moments but failed to hold onto possession and handed New Zealand one final chance to win, which teenager Rieko Ioane calmly capitalized on.
Despite Australia's last-minute loss, the event was deemed a success. Several local media outlets reported a high windfall for the city and a near sellout crowd over the two days.
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In contrast, last weekend's Wellington Sevens struggled to attract large crowds despite the presence of star players like Sonny Bill Williams. Wellington's contract to host a leg of the series has now expired, with the city's council and Rugby New Zealand set to decide whether or not to fund future events. The latest installment drew around 30,000 fans over two days.
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Defending series champion Fiji beat South Africa 26-12 in the battle for third place in Sydney to reclaim the overall lead in the championship standings.
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Fiji was joined on 69 points by South Africa and New Zealand after the fourth round of the series. Australia is in fourth place on 54, level with quarterfinalist Argentina -- which won the plate final.