Australia edged out Hungary in a penalty shootout ©FINA

Australia edged out Hungary in a penalty shootout after a thrilling quarter-final clash at the International Swimming Federation Men's Water Polo World League Super Final in Belgrade today.

Trailing 5-1 after the second period, Australia won the third 4-2 and the fifth 5-3 to level the scores at 10-10 and take the match to a shootout at the Serbian capital's Tašmajdan Sports and Recreation Centre.

Joseph Kayes scored what proved the winning penalty in the seventh round, making it 16-15 before Bence Bátori failed to convert for Hungary.

Moments earlier, Matyas Pasztor had missed the opportunity to claim victory for Hungary after Aaron Younger's attempt was saved.

Standing between Australia and a place in the final are hosts Serbia, following their 20-5 victory over Canada.

The other semi-final pits world champions Croatia against Spain after both came through their last-eight ties today.

Croatia beat Japan 20-13 in the second match of the day, while Spain defeated Kazakhstan 19-10 in the third.

Both semi-finals are due to take place tomorrow.

They will be preceded by the fifth-to-eighth-place playoff matches between Hungary and Canada, and Japan and Kazakhstan.

The gold and bronze medal games are scheduled for Sunday (June 23).